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NCLAT to hear RCOM’s plea against initiation of insolvency proceedings on May 29, 2018

May 28, 2018

The National Company Law Appellate Tribunal (NCLAT) will hear Reliance Communications’ (RCom) plea challenging National Company Law Tribunal’s (NCLT), decision to start insolvency proceedings against it on a Ericsson on May 29, 2018. RCOM sought urgent hearing on the issue before the bench of NCLAT.

RCOM had earlier approached the appellate tribunal along with its subsidiaries - Reliance Telecom Limited and Reliance Infratel Limited. Major lenders, including China Development Bank, State Bank of India and Standard Chartered Bank, have been formally impleaded to the appeal proceedings before NCLAT.

Recently, RCOM said it was in talks with Ericsson to settle the dispute out of court. Earlier, the NCLT admitted Ericsson’s three insolvency petitions against RCOM and its subsidiaries. The decision came after around nearly eight months since the Swedish telecom equipment maker moved the NCLT’s Mumbai bench to recover Rs 11.50 billion in dues from the operator.


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