Anil Ambani-led Reliance Communications could be staring at insolvency as the Supreme Court on Thursday declined to grant it two weeks extra time to clear the Rs 5.5-billion dues of Ericsson. The deadline for the said repayment ends December 15.
The refusal by the top court to grant more time to RCom revives fears of corporate insolvency proceedings against the company. The Rs 5.5 billion due repayment agreement between RCom and Ericsson was reached in the National Company Law Appellate Tribunal (NCLAT). While asking RCom to clear the dues, NCLAT had said Ericsson could revive the insolvency petition against the company if it failed to pay within the stipulated deadline.
RCom had …
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