MUMBAI: Software firm Tech Mahindra (TechM) has withdrawn its insolvency case against Reliance Communications (RCom) from the National Company Law Tribunal (NCLT) in favour of a mutual, out-of-court settlement.
A similar out of court settlement with equipment maker Ericsson appears tougher to pull together for RCom as the dues to the Swedish company Rs 1,150 crore are way higher than what RCom owes TechM Rs 8.2 crore, said people familiar with the matter. The hearing to decide if Ericssons similar plea should be accepted in NCLT is scheduled for November 9.
Tech Mahindras withdrawal on Thursday brought relief for RCom, which is reeling underRs 45,000 crore debt and is on verge of shutting a major part of its wireless operations. W…
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