The company's secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.
has put all of its assets for sale which include spectrum holding of 122 MHz, towers business, optical fibre network and data centres.
The firm's chairman Anil Ambani has tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September due to provisioning for liabilities after the Supreme Court's ruling on statutory dues.
This was the second-highest loss posted by any Indian corporate till date. However, the CoC has rejected Ambani's resignation and asked to cooperate in insolvency proceedings.