Reliance Communications on Tuesday said it has moved appellate tribunal NCLAT challenging the National Company Law Tribunal (NCLT) decision on beginning insolvency proceedings against it on a plea filed by Swedish telecom equipment major Ericsson.

Anil Ambani-run RCom's plea is expected to be heard by the National Company Law Appellate Tribunal (NCLAT) in the coming week.

Shares of Anil Ambani’s ADAG (Anil Dhirubhai Ambani Group) rallied in the afternoon deals on Tuesday with the share price of telecommunication company Reliance Communications (RCom) gaining nearly 20% after the latter moved to NCLAT to challenge the stay order of NCLT in connection with the settlement with Swedish telecom equipment manufacturer Ericsson. Meanwhile, shares of Reliance Naval and Engineering (RNaval) also jumped more than 17%.

Anil Ambani’s Reliance Communications share price skyrocketed 65% on last Thursday on media reports that the company was mulling out-of-court settlement with Swedish communications firm Ericsson. But RCom stock pared the gains on Friday when a Reuters report said that the settlement deal looked unlikely. Subsequently, RCom shares tumbled 9.37% intraday to Rs 15.

Even as the National Company Law Tribunal (NCLT) has admitted the petition for insolvency, Reliance Communications (RCom) is in talks with Ericsson India for a settlement of the dispute to pay Rs 11.5 billion to the latter, said sources.

RCom in its reply to queries from the stock exchanges on the possible settlement with Ericsson said, “Appropriate disclosures will be made in accordance with applicable regulations, as and when any disclosable event occurs.”

New Delhi: Shares of Reliance Communications (R-Com) plunged nearly 16 per cent a day after the NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries.

The stock fell sharply by 15.26 per cent to end at Rs 10.55 on the BSE. Intra-day, it dropped 20 per cent to Rs 9.95.

Shares of Anil Dhirubhai Ambani Group (ADAG) companies were trading lower for the second straight day with Reliance Communications (RCom) falling 14% in intra-day trade on Wednesday after bankruptcy court admits Ericsson's plea against the company.

The Supreme Court has dismissed the appeal of Reliance Communication, challenging the Gujarat government’s demand notices seeking to levy Rs 13-crore property tax on cell towers and telecom equipment installed on rooftops and building terraces in the state. A bench led by Justice Ranjan Gogoi, while dismissing the appeal, said, “If a competent court has passed the order, you (RCom) can not drag on for a year.”

The Supreme Court on Wednesday gave Reliance Communications one week to pay Rs 774.19 crore towards deferred spectrum liabilities.

A bench led by Justice AK Goel gave RCom time till May 2 to pay its liability while disposing of the telecom firm’s two appeals challenging the TDSAT’s April 19 judgments that had refused to grant additional time to make the payment.

MUMBAI: Lenders led by State Bank of India (SBI) on Monday agreed to pay Rs 774 crore of deferred spectrum charges for Reliance Communications (RCom) to prevent further litigation in the Anil Ambani-owned company’s debt takeover by Reliance Jio, said two people close to the developments.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday recalled its previous order which allowed debt-ridden Reliance Communications to proceed with the sale of its tower and fibre assets.

The sale of these businesses form an important part of the overall Rs 250 billion asset monetisation blueprint of the troubled company.

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