Industrialist Anil Ambani-promoted Reliance Communications (RCom) was admitted for bankruptcy proceedings at the National Companies Law Tribunal (NCLT)'s Mumbai branch on Thursday, news agency Press Trust of India reported. The tribunal allowed Reliance Communications to exclude the 357 days spent in litigation, making it the first Reliance Group group company to be officially declared bankrupt. The company has a debt of over Rs.50,000 crore towards a consortium of banks led by the country's largest lender State Bank of India.
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