The National Company Law Appellate Tribunal (NCLAT) has agreed to hear on Tuesday Anil Ambani-led Reliance Communications’ (RCom’s) appeal against the National Company Law Tribunal (NCLT) order to start insolvency proceedings against the telecom firm and its subsidiaries.
The insolvency petition against RCom was filed by Swedish telecom equipment maker Ericsson which alleged it had not been paid dues relating to a seven-year deal it signed with RCom to operate and manage its nationwide telecom network.
The Mumbai bench of the NCLT admitted Ericsson’s petition last month. RCom had approached the appellate tribunal along with its subsidiaries — Reliance Telecom Limited (RTL) and Reliance Infratel Limited (RITL).
“The appeals filed in the Hon’ble NCLAT against the NCLT orders admitting RCOM, RITL and RTL to the debt resolution process and appointment of the interim resolution professional, were mentioned for urgent hearing today. The Hon’ble NCLAT has fixed the appeals for hearing tomorrow i.e. Tuesday, May 29, 2018,” RCom said in a statement.
‘Unanimous’ decision
“All banks and financial institutions of the above three companies have unanimously decided to oppose the NCLT debt resolution process,” RCom said.
RCom shares climbed 7.4% to close at ₹15.3 on the BSE in a firm Mumbai market on Monday.
