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NCLAT adjourns RCom's plea for insolvency to March 6

Press Trust of India  |  New Delhi 

The (NCLAT) Tuesday adjourned the hearing over Communications' to proceed with process to March 6.

A two-member bench headed by Justice S J Mukhopadhaya said a matter is also pending before the against and hence adjourned it.

"As the matter is pending before the Hon'ble Supreme Court, we adjourn the matter.

"Post the case 'for orders' on 6th March, 2019. Parties will inform the development," the appellate tribunal said.

On February 4, the NCLAT had allowed India to file its objection by February 8 over Communications' to proceed with process.

However, it had also said that until further orders of the NCLAT or the Supreme Court, no one can sell, alienate, or create third party rights over RCom's assets.

The NCLAT was hearing applications moved by three Group employees - Satish Seth, and - seeking withdrawal of their against the orders of the bench of the (NCLT).

On May 15, 2018 the bench of NCLT had admitted an petition filed by against and two of its subsidiaries seeking to recover unpaid dues.

However, on May 30, the NCLAT granted a conditional stay on insolvency proceedings against and its subsidiaries -- and Reliance Telecom.

The tribunal had directed and its subsidiaries to pay Rs 550 crore to India in 120 days, failing which it will direct insolvency proceedings against the company.

On February 1, RCom had informed that it has decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders.

RCom even failed to sell spectrum to Mukesh Ambani's Reliance Jio, a deal that was expected to bring some relief to the cash-strapped company.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 20:25 IST