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India's RCom, subsidiaries get slapped with more insolvency petitions

In another blow to India's Reliance Communications Ltd., the debt-ridden telecom operator received new insolvency petitions against the company and two of its subsidiaries.

Tech Mahindra, an unsecured operational creditor, filed insolvency petitions against RCom and its subsidiaries Reliance Telecom Ltd. and Reliance Big TV Ltd. for recovering dues worth 82 million rupees.

The insolvency petitions come several weeks after Ericsson AB filed a similar petition against RCom and two of its subsidiaries to recover unpaid dues.

According to RCom, which recently aborted its merger with Aircel Ltd., the petitions are "misconceived, premature and motivated by extraneous considerations."

As of Oct. 6, US$1 was equivalent to 65.47 Indian rupees.