The National Company Law Appellate Tribunal said it would decide on the insolvency of debt-ridden Reliance Communications Ltd. The Anil Ambani-led Reliance Group company has pleaded with the tribunal to go ahead with insolvency proceedings against it as it is unable to pay dues to its lenders.
Swiss telecom gear maker Ericsson, which received its unpaid dues of Rs 550 crore from RCom last month following a Supreme Court order, is opposing the move.
A two-member bench headed by Chairman Justice SJ Mukhopadhaya also observed that if insolvency proceedings against RCom are allowed, then Ericsson would have to return Rs 550 crore.
“Why one party will take amount and let the financial creditors suffer,” said the NCLAT, adding that either it may …
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