Former Billionaire Anil Ambani’s Reliance Communications will fall back into bankruptcy as an appeals court allowed the beleaguered company’s request to enter the process in an attempt to sell assets.
The National Company Law Appellate Tribunal allowed RCom to withdraw its appeal against insolvency proceedings initiated last year and lifted interim orders that temporarily halted the bankruptcy case. The moratorium on recovery of dues from RCom will continue.
Today’s order allowing RCom to be sent back to bankruptcy court is in accordance with the company’s plans, disclosed to the stock exchanges in February, to seek to sell its telecommunications assets and airwave licenses through the insolvency process.
Anil Ambani’s older sibling and Asia’s richest man Mukesh Ambani’s Reliance Jio Infocomm had earlier offered to purchase RCom’s assets in a 173 billion rupee (Dh9.13bn) deal, which would have helped partly pay off lenders. The deal fell through after encountering regulatory hurdles.
Mukesh Ambani had in March helped his younger brother avert the risk of being jailed by making an $80 million payment on his behalf to the local unit of Ericsson for past maintenance services.
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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