Reliance Communications will shortly move the insolvency tribunal seeking bankruptcy protection as the Anil Ambani-owned company seeks to sell assets, repay lenders and pare its 42,000-crore debt within 270 days, having been unable to do so in the past year and a half.

“The board noted that, despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset-monetisation plans, and the overall debt-resolution process is yet to make any headway,” the company said in a statement on Friday.

It added that RCom has been unable to complete its 18,000 crore asset-sale plan due to various legal hurdles and the lack of consensus among more than 40 lenders, Indian and foreign, despite more than 45 meetings.Click Here: NRL Telstra Premiership