The lenders to Reliance Communications (R-Com) on Tuesday moved the National Company Law Tribunal (NCLT) seeking to appoint a new resolution professional and form a committee of creditors, the first step to start the bankruptcy process against the Anil Ambani group company that owes close to Rs 50,000 crore to 31 lenders, led by the State Bank of India.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday allowed insolvency proceedings against Reliance Communication (RCom) after the debt-laden firm withdrew its petition challenging a decision of National Company Law Tribunal (NCLT) to initiate such proceedings.
Shares of telecom services provider Vodafone Idea and Reliance Communications (RCom) have hit their respective new lows on the BSE in an otherwise strong market. At 11:03 am, the S&P BSE Sensex was up 0.44 per cent or 171 points at 39,228.
Vodafone Idea hit a new low of Rs 16.40, down 3 per cent, on the BSE on Wednesday, falling 10 per cent in past three trading days, after the stock turned ex-date for rights issue on March 29.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed two notices issued by the department of telecommunications (DoT) to debt-ridden Reliance Communications for cancellation of its spectrum licence for delay in payment.
A bench headed by chairman Justice SJ Mukhopadhaya also stayed DoT’s March 20 letter to Axis Bank to encash the bank guarantee of Rs 2,000 crore given by RCom.
The Supreme Court will hear on Thursday Reliance Communications’ plea seeking permission to withdraw its appeal against initiation of insolvency proceedings by Ericsson India last year. A Bench led by Justice RF Nariman will also hear on Thursday another application by Ericsson which also wants to end the insolvency proceedings it had initiated against RCom and its two group firms – Reliance Infratel and Reliance Telecom – last year as the beleaguered telecom company had paid Rs 550 crore to Ericsson as per the apex court’s orders.
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the two notices issued by the Department of Telecommunications (DoT) to debt-ridden Reliance Communications for cancellation of its spectrum licence for delay in payment.
New Delhi: Shares of Reliance Communications further zoomed 10 per cent to hit the highest trading permissible limit for the second day in a row on Wednesday after the company cleared dues of Swedish service provider Ericsson.
The scrip rose sharply by 10 per cent to Rs 4.84 -- its upper circuit limit -- on the BSE.
The deal between the two Ambani brothers, Anil and Mukesh, has fallen through as Reliance Communications (RCom) and Reliance Jio agreed to terminate the asset-sale agreement on Monday. RCom has cited delays in approval from the government and lenders as the reason.
Ericsson has received Rs 462 crore from Indian telecoms firm Reliance Communications Ltd (RCom), the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term.
Late last month, India's top court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom equipment maker.
The National Company Law Appellate Tribunal on Friday refused to direct State Bank of India-led joint lenders’ forum to release Rs 260 crore of income-tax refunds of Reliance Communications to Ericsson India.
The tax refunds of Rs 260 crore for 2015-16, lying in the ‘Trust and Retention Account’ with SBI, the lead Bank of JLF, was required by RCom and its two group firms — Reliance Telecom and Reliance Infratel — to clear off their balance Rs 453-crore dues payable to Ericsson India by March 19, failing which promoter Anil Ambani will face jail term of three months.
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