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RCOM’s lenders to oppose NCLT’s decision to begin insolvency proceedings

May 29, 2018

Reliance Communications’ (RCOM) lenders will oppose the National Company Law Tribunal’s (NCLTs) decision to initiate bankruptcy proceedings against the operator at a hearing in the National Company Law Appellate Tribunal (NCLAT).

The appeals filed in the NCLAT against the NCLT order to initiate insolvency proceedings against RCOM and two subsidiaries and the appointment of interim resolution professionals (IRPs) were mentioned for urgent hearing.

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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