Last month, China Development Bank began insolvency proceedings against RCom, which has been trying for months to restructure its debt via a debt-for-equity swap. Now, Industrial and Commercial Bank of China (ICBC), the country’s biggest-listed lender by assets, and Export-Import Bank of China, plan to back CDB, the people said. The combined effort would be a rare tilt against an Indian conglomerate by a group of Chinese lenders, keen to boost their presence in India. RCom last week said the majority of its creditors will oppose China Development Bank’s insolvency bid. An out-of-the-court settlement between RCom and the Chinese lenders would be “very difficult” from the Chinese banks’ perspective as they were frustrated that RCom had not kept promises it made previously on debt repayment, one of the people said.

Source: Mint December 05, 2017 16:30 UTC