The Supreme Court on Thursday refused to give more time to Reliance Communications (RCom) to clear dues of Rs 550 crore it owes to Swedish telecom equipment manufacturer Ericsson India.

A bench led by Justice Rohinton Nariman allowed RCom to withdraw its plea after it refused to entertain its senior counsel Kapil Sibal’s request for further extension of time.

Reliance Communications and its subsidiary Reliance Telecom on Thursday moved the Supreme Court, asking it to initiate appropriate contempt proceedings against the department of telecommunications (DoT) for “wilfully and deliberately disobeying” its November 30 order that directed DoT to grant no objection certificate (NoC) to the firms by December 7 to trade its spectrum with Reliance Jio Infocomm.

Reliance Communications on Wednesday moved a contempt petition in the Supreme court against Department of Telecommunications (DoT) for failing to provide the company with the No Objection Certificate (NOC) for sale of its spectrum to Reliance Jio Infocom, within the court-directed 7-day time period.

Anil Ambani’s debt-ridden Reliance Communications has furnished Rs 14 billion Corporate Guarantee that the Supreme Court had ordered the company to issue for its spectrum sale to Reliance Jio Infocomm.

The Supreme Court had on Friday asked the government to issue Reliance Communications (RCom) a no-objection certificate (NoC) for spectrum sale to Reliance Jio Infocomm by December 9 if it furnishes a corporate guarantee of Rs 14 billion within two days.

The asset monetisation plan of Reliance Communications got a major boost when the Supreme Court on Friday asked the company to submit a corporate guarantee of Rs 1,400 crore to the department of telecommunications (DoT).

The Anil Ambani-company can now proceed with the sale of spectrum to Reliance Jio Infocomm (Jio).

Clearing the deck for sale of Reliance Communications Ltd's spectrum to Reliance Jio Infocomm Ltd, the Supreme Court on Friday asked Reliance Communications to furnish a corporate guarantee of Rs 14 billion within two days to get the No Objection Certificate (NOC) from the government.

Billionaire Anil Ambani’s Reliance Communications (RCom) told Supreme Court on Monday that its asset sale to Reliance Jio Infocomm may not go through if approvals aren’t in place by mid-December, putting at risk planned debt repayments by the distressed company.

The government, however, reiterated its stand in the Supreme Court that it could not grant an approval to RCom for spectrum sale to Jio until a bank guarantee of Rs 29.4 billion was given to it by either company toward spectrum usage charges.

New Delhi: The Supreme Court on Monday agreed to hear the Centre’s plea for Rs 2,940 crore bank guarantee from Reliance Communication arising from outstanding spectrum dues. The case was brought before a bench headed by Justice A.K. Sikri who said it would be heard tomorrow.

Debt-laden Reliance Communications has settled a case with markets regulator Sebi over non-compliance with listing norms, including alleged failure to promptly inform about interest payment default on debentures, according to an order.

The company, part of the Anil Ambani group, also settled the issue of non-cooperation with the credit rating agencies and debenture trustee that were in violation of listing norms.

The telecom department will challenge the telecom tribunal TDSAT's order allowing Reliance Communications to sell spectrum to Reliance Jio without providing the bank guarantee.

"The licence conditions do not provide for accepting any barter system. DoT will challenge TDSAT order that directs it to allow RCom sell spectrum with land as security," a senior DoT official told PTI.

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