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NCLAT recalls order that allowed sale of RCom's tower and fiber assets

The apex court on April 16 stayed the order allowing the sale

Press Trust of India  |  New Delhi 

Telecom panel for higher limit on spectrum holding for mobile operators

Law Appellate (NCLAT) on Wednesday recalled its previous order which allowed debt-ridden to proceed with the sale of its tower and fibre assets.

The sale of these businesses form an important part of the overall Rs 250 billion asset monetisation blueprint of the troubled company.

The appellate would start its hearing on the plea of (RCom's subsidiary that runs the tower and fibre businesses) from April 23 over sale of its businesses.

"In view of the order passed by the Supreme Court, dated April 16, 2018...interim order dated April 6, 2018 is recalled," said NCLAT bench headed by Justice S J Mukhopadhaya.

NCLAT had on April 6 partially allowed sale of the businesses, which was challenged by HSBC Daisy Investments (Mauritius) Ltd.

The apex court on April 16 stayed the order allowing the sale.

In December 2017, Mukesh Ambani-led had struck a mega deal to acquire mobile business assets including spectrum, mobile towers and network of RCom, owned by his younger brother

First Published: Wed, April 18 2018. 16:17 IST
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