November 30, 2017 / 11:40 AM / a year ago

RCom says majority of creditor banks to oppose CDB insolvency petition

MUMBAI, Nov 30 (Reuters) - Embattled Indian wireless carrier Reliance Communications Ltd said on Thursday a majority of its 31 creditor banks have decided to oppose China Development Bank’s (CDB) insolvency petition against the company.

The lenders have named Indian law firm J. Sagar Associates as their legal counsel to oppose the CDB petition, said Reliance Communications in a statement.

Top Indian lender State Bank of India, which is one of the main local lenders to the company, was not immediately available for a comment. (Reporting by Devidutta Tripathy and Sankalp Phartiyal)

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