Reliance Communications previously owned by Anil Ambani with an outstanding debt of Rs. 47,251 cr has been taken over by Reliance Projects & Property Managment Services Ltd wholey owned subsidary of Mukesh Ambani through Insolvency & Bankruptcy Board process at the cost 455.92 cr which is less than 1% of total debt. Insolvency & Bankruptcy process is being claimed as game changer for recovering bank dues but in effect has proved to be escape route for corporates who are looting the banks. - Devidas Tuljapurkar
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