business

Reliance Communications to file for Bankruptcy

Reliance communications filed for bankruptcy

Internet Desk :Anil Ambani’s Reliance Communications (R-COM) has become bankrupt. RCom is the company that delivered the mobile for the first time at a very affordable price. In the early years of 2000, mobile was introduced in India in the general trend. In that era, mobile keeping was a status symbol.

Apart from the public sector company BSNL, there were one or two private companies which provided mobile connections. Taking mobile connections and using it at that time was very expensive. In the year 2001, R-COM provided mobile SIM cards to people in just Rs 501.

Thereafter, there were several such occasions when R-COM provided people not only cheap connections but also cheap mobile. At that time R-COM kept providing mobile connections at affordable rates compared to others. Failure to achieve High-Speed ​​Spectrum, R-COM has become unusable for the people today, it is a fact that it has gone bankrupt. In today’s time, Anil Ambani’s elder brother Mukesh Ambani’s company JIO is the number one player in the world of mobile connections.

Anil Ambani’s Reliance Communications has decided to go into the solution process under the insolvency and lending law, for failing to sell properties for debt payment. The company gave this information on Friday. In a statement, the company said, “The board of directors of Reliance Communications has decided to implement the loan settlement plan through NCLT.”

The board of directors reviewed the company’s debt settlement plan on Friday. The Board of Directors found that even after 18 months, the loan providers have not got anything since the plans to sell the properties. “On the basis of this, the board of directors decided that the company would choose the solution for faster solution through NCLT Mumbai. The board of directors believes that this step will be in the interest of all concerned parties. “