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Having completed the payment obligations to Ericsson, Reliance Communications is likely to move the National Company Law Appellate Tribunal (NCLAT) in the next few days seeking resurrection of its insolvency case in the lower court.
RCom will now seek resurrecting its case in the National Company Law Tribunal (NCLT) as per its announcement made on February 1, sources close to the development told BusinessLine . Last week, the appellate tribunal while passing an order declining RCom’s appeal to direct State Bank of India to release funds from the Trust and Retention account for payment of Ericsson’s dues, had indicated it would pass a judgement on this matter only after the settlement of Ericsson case.
On the termination of their asset-sale agreement by RCom and RJio, as per the clause of Insolvency and Bankruptcy Code (IBC), now fresh bids can only be called by the Interim Resolution Professional, sources said.
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