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Report: China Development Bank files bankruptcy case against RCom

China Development Bank filed a case against debt-ridden Reliance Communications Ltd. under India's Insolvency and Bankruptcy Code, Mint reported, citing "two people familiar with the matter."

The Chinese lender filed the bankruptcy petition before the Mumbai bench of the National Company Law Tribunal on Nov. 24. Reliance Communications owes nearly US$2 billion in syndicated loans to the bank, according to the newspaper.

In a Nov. 27 filing, Reliance Communications said it has not been served with any notice filed by China Development Bank. The company said it is engaged with all its lenders for a successful resolution of the strategic debt restructuring.

The company said it was surprised by the premature action of China Development Bank, which is an active participant in the joint lenders forum that restructured Reliance Communications' debt.

Reliance Communications recently defaulted on a coupon payment on its 2020 U.S. dollar bonds. If China Development Bank's petition gets admitted by the court, domestic banks will have to establish a committee of creditors, which will work with an insolvency resolution professional to develop a revival plan.

China Development Bank could not be reached for comment, the newspaper reported.