The company expected to conclude all the transactions by March next year and banks would not have to take any haircut, said Anil Ambani, chairman of RCom.

“We have achieved full resolution for Reliance Communications,” said Ambani at a press conference in Mumbai. The resolution involves RCom exiting structured debt restructuring with no conversion of equity and zero write-off by lenders, Ambani added. “Expect overall debt for RCom to be around Rs 6000 crore.”

Senior public sector bankers said though the firm was trying to sell some assets to repay loans and clear bank dues, no decision has been taken so far.

Buoyed by the stock movement, RCom’s market capitalisation touched Rs 4,558 crore.

The adjourned date comes as a breather for RCom as if the tribunal had accepted the insolvency petitions before December 28, by when the lenders need to decide on converting their RCom debt into equity, the process would have ended.

CDB, which had lent $1.78 billion to RCom, had filed the petition under the Insolvency and Bankruptcy Code (IBC) on November 27, after the company defaulted on its dues.

Last month, CDB 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 sources said.

RCom said, “At a committee of creditors meeting on 29 November 2017, a majority of RCom’s lenders, foreign and Indian, aggregating 31, decided to oppose CDB’s insolvency petition against RCom before the NCLT, Mumbai.”

The mobile phone operator controlled by billionaire Anil Ambani, whose failure to pay interest on the dollar notes comes as a high-profile test of the country's new bankruptcy laws, held the call on Monday, Citigroup said in a note to clients dated November 28.

The move is aimed at reducing debt and benefiting all stakeholders, including lenders and shareholders, of RCom, the company said in a statement.