In a new twist to the Reliance Communication (RCom) bankruptcy case, an appellate tribunal has said if insolvency proceedings are revived against the beleaguered telco firm, then Ericsson will have to pay back a large settlement amount it has received earlier.
This observation was made by a two-judge bench, headed by Justice SJ Mukhopadhaya, of the National Company Law Appellate Tribunal (NCLAT).
In February, the Anil Ambani-owned telco approached the NCLAT to withdraw the appeal it filed last year for a stay on an insolvency petition against the telco admitted by the National Company Law Tribunal (NCLT).
RCom had to shut down its mobile phone operation in 2017 and has a debt of 460 billion rupees (US$6.61 billion). While it managed earl…
Read the full article at: https://www.asiatimes.com/2019/04/article/a-short-lived-win-for-ericsson-in-rcom-case/