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Bombay High Court upholds arbitration court’s order stalling sale of RCOM’s assets

March 08, 2018

The Bombay High Court has dismissed Reliance Communications’ plea challenging the arbitration court's order restraining the sale or transfer of its assets without permission. The court has dismissed all three appeals filed by RCOM and its two companies.

The interim order came in an arbitration battle being fought between Ericsson and RCOM with the equipment maker trying to recover its dues worth Rs 10.12 billion. It has been learnt that Ericsson too filed a caveat in the Bombay High Court to ensure that its views are heard before the court takes a call.

RCOM had filed the appeal two days ago, against the arbitration court ruling. As per the ruling, the sale of majority of RCOM’s wireless assets to Reliance Jio Infocomm Limited (RJIL) which was scheduled to be completed by March 2018 would be stalled until the next hearing in June 2018.

RCOM plans to use the funds raised to repay its 35 lenders by the end of March 2018, failing which the lenders could take the company to the National Company Law Tribunal under the Insolvency and Bankruptcy Code.


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