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RCom gets NCLAT nod for tower, fibre assets sale; shares end 3% higher

Proceeds of the sale will be deposited with state-run State Bank of India in an escrow account, said RCom

Reuters 

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Communications Ltd (RCom) said on Friday it received Law Appellate Tribunal's (NCLAT) approval to proceed with the sale of its tower and fibre business.

Law Tribunal had prevented from selling any asset without its permission, following a legal challenge from Swedish Ericsson, seeking payment of unpaid dues of Rs 11.55 billion ($177.7 million) by and two of its units.

Proceeds of the sale will be deposited with state-run in an escrow account, said in a statement.

India's on Thursday lifted a high court stay on sale of some of the debt-laden company's assets including spectrum and real estate, allowing its secured lenders to proceed with the sale.

First Published: Fri, April 06 2018. 16:04 IST