Chinese bank confirms filing insolvency case against RCom
China Development Bank has confirmed that it has filed insolvency case against Anil Ambani-led Reliance Communications on November 24 at the National Company Law Tribunal. RCom has reportedly defaulted on a $1.78-billion (â¹11,460 crore) loan it took from the bank. This comes weeks before Indian lenders are set to take a call on conversion of the firm's debt into equity.