New Delhi (CNN Business) One of India's richest men has turned to a bankruptcy court for help as he battles to save his company after losing a brutal price war with his older brother.

Anil Ambani's wireless telecom business, Reliance Communications, announced Sunday it was asking India's National Companies Law Tribunal to help sell its assets and settle billions in debts. Shares in the company plunged more than 50% in Mumbai on Monday, but recovered some losses later in the day to close 35% lower.

The company, which owes around $7 billion, is seeking to resolve its "substantial and unsustainable debt and liabilities" through the court, it said in a statement.

Under Indian insolvency and bankruptcy rules, the court has nine months to facilitate the sale of Ambani's mobile assets. If it fails, the company will be declared bankrupt and liquidated.

Reliance Communications, owned by billionaire Anil Ambani, lost out in India's cut-throat price war.

The plight of Reliance Communications , once one of India's largest telecom players, highlights the stunning way in which Ambani's older brother Mukesh has disrupted the industry in recent years.