Debt-laden Reliance Communications (RCom) will pay ₹550 crore to Swedish telecom equipment-maker Ericsson within the next two days, after the Supreme Court refused to entertain the Anil Ambani group firm’s request for an extension.

The deadline for the payment, which was extended once earlier, now ends on December 15.

Any delay in payment will attract an interest of 12 per cent per annum.

The decision follows multiple hearings since August 28 and an interim relief granted by the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) on October 1, lawyers briefed on the development said.

Contempt petition

In October, Ericsson filed a contempt of court petition before the Supreme Court against RCom, after the latter failed to settle the dues before a September 30 deadline.

Later, RCom moved the Supreme Court, requesting a 60-day extension to pay.

Ambani had also given a personal guarantee to settle the dues by December 15.

In a regulatory statement earlier, RCom said that “...Ericsson is to be paid from the sales proceeds of spectrum being traded by RCom, and such sale could not be completed as yet owing to factors beyond the control of RCom.”

RCom’s plea against DoT

Starting Friday, the Supreme Court will hear a contempt of court petition filed by RCom against the Department of Telecommunications (DoT), the country’s telecom licensor.

Earlier this week, RCom filed the petition against DoT for not clearing its spectrum sale to RJio, accusing the licensor of not following the court’s direction.

On November 30, the apex court ordered DoT to approve RCom’s earlier proposed spectrum trading plans with RJio within seven days.

Separately, the apex court has also asked the firm to furnish corporate guarantees of ₹1,400 crore within two days.

The move was to help RCom complete its delayed asset sale plans and reduce debt to about ₹25,000 crore.

RCom has also moved DoT seeking approvals to sell its remaining spectrum in the 850 MHz band, which is expected to fetch another ₹3,700 crore.

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