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NCLAT reserves order on RCom plea to release funds

Press Trust of India  |  New Delhi 

Law Appellate Wednesday reserved its order on a petition by which has approached the seeking the release of income tax refunds to clear dues of

Lenders of RCom have opposed the plea.

After hearing both the sides, the NCLAT bench headed by S J Mukhopadhyay reserved the order in the case.

appearing for appealed for payment to be made to from the trust and retention account held by SBI under which assets of telecom firm have been mortgaged.

appearing for SBI argued for rejection of the RCom's appeal, contending that it will lead to outgo of public money for settling payment of a private party.

He said that RCom asset monetisation deal failed because refused to take responsibility of past dues of the firm before the DoT and hence it is not liable to make payment on behalf of RCom.

RCom has been asked by both the and the NCLAT to pay Rs 550 crore to

The company has paid Rs 118 crore to Ericsson and if it fails to pay the rest of the amount then RCom group Chairman may have to face jail term for the contempt of court order.

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

First Published: Wed, March 13 2019. 20:08 IST