 "RCom, Reliance Communications")
The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its verdict on a plea moved by Reliance Communications (RCom) to release tax refunds worth nearly Rs 260 crore, held in a trust and retention account with the lenders of the company. Nearly 40 lenders of the company, including the State Bank of India (SBI) have opposed RCom’s plan to use this money to pay off Ericsson contending that the funds for paying the latter must come from a different source. The banks are trustees of the account.
On Wednesday, SBI reiterated that it held the first right over the
