NCLT to hear insolvency petitions against RCom on Jan 5

The National Company Law Tribunal will hear China Development Bank and Ericsson's insolvency petitions against Reliance Communications on January 5.

Earlier last month, China Development Bank had filed an insolvency case against the telecom company. CDB, a lender to RCom, has filed the suit with the National Company Law Tribunal (NCLT) in Mumbai under the Insolvency and Bankruptcy Code (IBC).

RCom, which is reeling under a ₹45,000-crore debt, owes about ₹7,500 crore to CDB. With interest, this increases to about ₹9,000 crore. This makes CDB the first lender to file insolvency proceedings against billionaire Anil Ambani-controlled RCom.

In September this year,

Ericsson had filed an insolvency petition against RCom with the NCLT, as the tribunal began hearing of the company’s merger with Aircel. The company had filed the petition at the tribunal’s Mumbai Bench seeking recovery of Rs. 491.41 crore.

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, RCom had said in a regulatory filing.

RCom shares were trading higher by 3.8 per cent at Rs 12.28 on the BSE. On the NSE, the stock was up 4.24 per cent at Rs 12.30.