Chinese bank withdraws insolvency petition against RCom
The China Development Bank has withdrawn its insolvency petition against Anil Ambani-led Reliance Communications (RCom). The bank had moved the National Company Law Tribunal in November 2017 against RCom and its Reliance Telecom unit to recover dues. Last week, Reliance Jio signed an agreement with RCom for the purchase of its wireless infrastructure assets along with some of its debt.