A lawyer for CDB told the National Company Law Tribunal that the Chinese bank had filed to withdraw the petition. The tribunal allowed CDB's plea to go forward.
CDB, which is owed around $2 billion along with two other Chinese banks, had filed the petition in November seeking insolvency proceedings against RCom, saying a large amount of loan principal and interest payments was overdue.After RCom's debt-reduction plan, including an asset sale to Reliance Jio Infocomm Ltd [RELIB.UL], was announced last week, CDB told Reuters that it was in talks with RCom. Details of the terms of a possible settlement between the Chinese bank and RCom were not immediately known. By 0847 GMT, RCom shares were trading 4.2 percent higher in a Mumbai market that was up 0.4 percent.Last week, RCom signed a deal to sell most of its wireless assets to Jio in a deal people familiar with the matter said was worth nearly 240 billion rupees ($3.8 billion), subject to final adjustments at the time the transaction closes.RCom has said it will use proceeds from the deal, expected to close by March, to repay part of the $7 billion it owes to Indian and foreign banks.As part of an overall debt-reduction plan, RCom Chairman Anil Ambani said RCom would shift 100 billion rupees of debt to a special purpose vehicle housing its real estate assets, including a corporate park in a Mumbai suburb.RCom still faces two other insolvency proceedings - one by the Indian unit of Swedish telecom equipment maker Ericsson