The Supreme Court on Thursday directed Reliance Communications (RCom) to maintain ‘status quo’ on the sale of its assets to buyers, including the Mukesh Ambani-led Reliance Jio.
A bench, comprising Justices A.K Goel, R. F. Nariman and U. U. Lalit, refused to lift the stay on the sale of RCom’s assets ordered by the National Company Law Tribunal (NCLT) and upheld by the Bombay High Court.
RCom and a consortium of lenders, led by the State Bank of India (SBI), had filed Special Leave Petitions in the Supreme Court challenging the rulings of the Bombay High Court and the NCLT in the matter.
The Supreme Court issued notices to the respondents, Ericsson and minority investors holding about 4% stake in Reliance Infratel, allowing them time to file their replies by March 28, 2018.
The court’s directive came a day after the debt-laden RCom approached the top court seeking relief from the orders of the Bombay High Court and the National Company Law Tribunal (NCLT) Mumbai bench, barring it from selling its wireless assets to Reliance Jio without prior approval, on an appeal from Ericsson.
The Swedish telecom equipment maker’s Indian arm had filed an appeal with the NCLT for recovery of ₹1,150 crore from RCom.
‘Remains confident’
RCom had agreed to sell its spectrum, mobile towers and other infrastructure, including 1.78 lakh km of optic fibre for ₹25,000 crore.
The matter would now come up for hearing on April 5, 2018.
“As legally advised, RCom remains confident that its asset monetisation programme will be completed expeditiously to protect the interests of its secured lenders, much in advance of the time limit of 31st August, 2018, prescribed by the RBI for resolution of such cases,” the telecom services provider said in a statement.
RCom owes 35 Indian lenders ₹45,000 crore, of which SBI’s exposure is ₹4,000 crore.
