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NCLAT reserves order on RCOM’s plea for IT refunds

March 14, 2019
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The National Company Law Appellate Tribunal (NCLAT) has reserved its order on a petition filed by Reliance Communications (RCOM) for releasing income tax (IT) refunds worth around Rs 2.6 billion in order to clear the dues of Ericsson. However, the lenders of RCOM have opposed this plea contending that the funds for paying Ericsson must come from a different source.

The representative of RCOM appealed for the payment to be made to Ericsson from the trust and retention account held by the State Bank of India (SBI) under which the assets of the operator have been mortgaged. On the other hand, the representative of SBI rejected RCOM’s demands and stated that settling RCOM’s payment would lead to an outflow of public money.

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