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RCom moves NCLAT challenging order allowing plea for its insolvency

RCom informed stock exchanges that it has approached NCLAT along with its two subsidiaries

Press Trust of India  |  New Delhi 

A man walks past a logo of Reliance Communication before the Annual General Meeting in Mumbai. (Photo: Reuters)
A man walks past a logo of Reliance Communication before the Annual General Meeting in Mumbai. (Photo: Reuters)

Communications has moved challenging the order of allowing a plea for its insolvency filed by Swedish telecom equipment major Ericsson.

Anil Ambani-run RCom's plea is expected to be heard by the appellate tribunal in the coming week.

informed stock exchanges that it has approached NCLAT along with its two subsidiaries - Telecom and Infratel to stay the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 15.

"The Directors of and two of its subsidiaries Reliance Telecom and Reliance Infratel, today filed appeals before the NCLAT challenging and praying to stay the order of Mumbai, whereby Ericsson applications had been allowed to be admitted for debt resolution under the IBC (Insolvency and Bankruptcy Code) process," said a spokesperson.

NCLT had admitted an insolvency petition filed by against and two of its subsidiaries seeking to recover Rs 1,150 crore.

Ericsson had signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecom network.

Last September, the Swedish company had approached NCLT to recover its amount and filed insolvency plea.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, May 22 2018. 14:00 IST
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