Ericsson seek NCLT to start bankruptcy proceedings against Reliance Communications (RCom)

ericsson-seek-nclt-to-start-bankruptcy-proceedings-against-reliance-communications-rcomTelecom equipment maker Ericsson petitioned the National Company Law Tribunal (NCLT) seeking the start of bankruptcy proceedings against Reliance Communications (RCom) and two of its subsidiaries over total unpaid dues of Rs 1,150 crore. The two subsidiaries are Reliance Infratel and Reliance Telecom. Reliance Communications, widely known as RCom, reported its third quarterly loss in a row last month. Reliance Communications (RCom) has total debt of around Rs 45,000 crore.
Reliance Communications said it will challenge equipment maker Ericsson’s petition against it under the insolvency and bankruptcy code for recovery of about Rs 1,155 crore. “We wish to inform you that Ericsson India Private Limited (Ericsson), an unsecured operational creditor, has filed petition under IBC provisions against the company in… National Company Law Tribunal, Mumbai Bench (NCLT)… for recovery of an amount of Rs 491.41 crore,” RCom said in a BSE filing. Ericsson has also filed similar petitions against RCom subsidiaries, Reliance Infratel and Reliance Telecom, for recovery of Rs 534.75 crore and Rs 129.34 crore, respectively, the filing added.

Filed in: Mobile World, Reliance Communication, Stock Market, Telecom News, Telecom Operators, World News Tags: , ,

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