UPDATE 1-Bankrupt Brazilian phone carrier Oi suffers two setbacks

(Adds BNDES chief's comment)

SAO PAULO, Oct 23 (Reuters) - Brazilian phone carrier Oi SA faced two setbacks from the government on Monday in its efforts to pull off the country's biggest-ever in-court debt restructuring.

Brazilian telecoms regulator Anatel rejected the company's request to swap billions of reais in regulatory fines for new investments.

Anatel said in a statement that the "unsatisfactory" progress of Oi's reorganization, now in its 16th month, raised doubts about the company's ability to honor investment commitments resulting from a fine-for-investment swap.

Later on Monday, the president of Brazilian national development bank BNDES, Paulo Rabello de Castro, said Oi's restructuring plan was insufficient. The company owes BNDES 3.3 billion reais ($1 billion).

"I cannot even assess what has been presented. Only in Brazil can this (Oi's proposal) be called a plan. I don't think we have a plan," Rabello de Castro said at a pulp and paper industry event in Sao Paulo.

He said the bank was prepared to take a "rational economic" stance to help Oi recover from bankruptcy, but gave no details.

The judge overseeing the phone carrier's bankruptcy protection case agreed again to postpone a creditors assembly that was originally scheduled for Monday until Nov. 10, the company said in a securities filing.

The judge had already postponed the meeting until Nov. 6.

($1 = 3.2376 reais) (Reporting by Leonardo Goy; Writing by Anthony Boadle; Editing by Peter Cooney and Leslie Adler)