NCLAT refuses to ask SBI to give RCom tax refunds worth Rs 260 cr

The appellate tribunal has asked all parties to ensure that the settlement plea is followed in letter and spirit

In a fresh setback for Anil Ambani and Reliance Communications (RCom), the National Company Law Appellate Tribunal (NCLAT) on Friday refused to pass interim orders asking the State Bank of India (SBI) to give the telecom company Rs 260 crore tax refunds lying with it and other lenders in a trust and retention account.

RCom had approached the NCLAT with a plea that tax refunds lying in the trust and retention account be released to it so that it could pay Ericsson India Rs 550 crore by March 19. The payment to Ericsson India has to be made by RCom