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RCom says in settlement talks, CDB counsel denies move

RCom says in settlement talks, CDB counsel denies move

Finance
MUMBAI: Reliance Communications (RCom) on Wednesday insisted it was negotiating a settlement with China Development Bank, one of its largest creditors, even as the Chinese government banker sought to club its insolvency petition against the Anil Ambani-led company with other petitions seeking the same. “We have received an email from petitioner…we are in talks and may not have to go through all this,” Navroz Seervai, a senior counsel representing RCom, told the National Company Law Tribunal (NCLT). Senior counsel Darius Khambata, who represented China Development Bank (CDB), however, told the tribunal that his client has given no “such instruction” on any discussion between the two firms. CDB is looking to recover $ 1.78 billion, or about Rs 11,460 crore, of dues the debt-laden telecom