Reliance Communications (RCom) has decided to appeal before the National Company Law Appellate Tribunal (NCLAT) against the order of the Mumbai bench of National Company Law Tribunal (NCLT), staying the sale of assets ofi ts subsidiary Reliance Infratel.
Confirming the development, an RCom spokesperson, in an e-mail, said, “we intend to file an appeal immediately before the NCLAT for vacation of the stay, to protect the interests of our secured lenders. “It is to be noted the stay granted by NCLT today relates only to RCom’s tower and fibre assets, and does not apply to spectrum, MCNs, real estate, etc.”
NCLT, hearing the petition filed by HSBC Daisy Investments (Mauritius) Ltd. alleging oppression of minority shareholders and mismanagement, continued the stay on sale of Reliance Infratel’s assets till further orders and allowed an amendment application of offshore investors to make changes to its original petition seeking a stay on the sale of Reliance Infratel’s assets.
“We expect our secured lenders to also take appropriate steps for the expeditious completion of processes transparently run by lenders for monetisation of their securities, and realisation of their dues,” said a RCom spokesperson, adding, as legally advised, the claims of minority investors and/or unsecured vendors cannot under any circumstances rank in higher priority than the undisputed claims of secured domestic and international lenders, and any stay granted in this regard is not defensible in law and liable to be vacated.
