Reliance Communications insolvency proceedings: RCom plea in NCLAT today plea

The National Company Law Appellate Tribunal (NCLAT) will today hear the plea of Reliance Communications (RCom) challenging National Company Law Tribunal’s (NCLT) decision to start insolvency proceedings against it on a petition filed by Swedish telecom equipment major Ericsson.

“The appeals filed in the NCLAT against the NCLT orders admitting RCom, Reliance Infratel Ltd (RITL) and Reliance Telecom Ltd (RTL) to the debt resolution process and appointment of the Interim Resolution Professional, were mentioned for urgent hearing today,” RCom said in a regulatory filing on Monday.

NCLAT has fixed the appeals for hearing on Tuesday (May 29), the company said.

Watch this Zee Business video here:

In September 2017, Ericsson had filed a petition in the NCLT seeking liquidation of RCom to recover its dues of about Rs 1,150 crore. Ericsson had signed a 7-year deal in 2014 to operate and manage RCom’s telecom network and had alleged that it had not been paid the dues.

Source: DNA Money