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RCom offers Ericsson Rs 5 bn to clear dues; NCLAT to hear interim prayer

Ericsson counsel told the appellate tribunal that its dues stood at Rs 9.78 billion for services rendered to RCom

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Advait Rao Palepu Mumbai
The National Company Law Appellate Tribunal (NCLAT) will hear the interim prayer of Reliance Communications (RCom) on Wednesday after the bench headed by chairman Justice S J Mukhopadhaya suggested that the parties settle the matter themselves. 

Appearing for RCom, senior advocate Kapil Sibal told New-Delhi based NCLAT that the stressed telecom company offered its operational creditor Ericsson an up-front sum of Rs 5 billion to clear all dues. 

The Swedish telecommunications equipment manufacturer and service provider signed a sever-year deal in 2014 with RCom and its subsidiaries for maintaining, upgrading and developing the latter’s telecommunications infrastructure.

Ericsson counsel told the