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Economy

Reliance Com creditor group to oppose bank's bankruptcy push

Tribunal likely to hear China Development Bank's insolvency petition next week

Anil Ambani, Chairman of India's Reliance Communications, addresses a news conference in Mumbai, India, June 2, 2017.   © Reuters

MUMBAI -- Reliance Communications said on Thursday that a core committee of creditors to the Indian wireless carrier has decided to oppose China Development Bank's insolvency petition, in which it is seeking to recover around $2 billion.

In a late evening statement to the Bombay Stock Exchange, Reliance said that the Committee of Financial Creditors, a core group within the State Bank of India-led joint lenders forum, will oppose the Chinese bank's petition "in the admission stage itself" before the National Company Law Tribunal. The committee had met on Wednesday.

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