Reliance Communications confirms NCLAT move against insolvency order
Reliance Communications Tuesday confirmed that it has moved the National Company Law Appellate Tribunal (NCLAT) against the lower court's order on beginning insolvency proceedings against the company and its two subsidiaries.
"The directors of Reliance Communications Limited and two of its subsidiaries Reliance Telecom Limited and Reliance Infratel Limited, today filed appeals before the Hon’ble National Company Law Appellate Tribunal (NCLAT), New Delhi, challenging and praying to stay the order of the Hon’ble National Company Law Tribunal (NCLT), Mumbai, whereby Ericsson applications had been allowed to be admitted for debt resolution under the NCLT IBC process," the company said in a statement.
ET had reported on Tuesday about RCom's move, even as talks between the company and telecom gear maker Ericsson to settle legal issues over Rs 1,000 crore that the Anil Ambani owned companies owe, outside the court process were still going on.
RCom's shares were up 11.57% to Rs 14.95 as of 1:38 pm, on the Bombay Stock Exchange.
"The directors of Reliance Communications Limited and two of its subsidiaries Reliance Telecom Limited and Reliance Infratel Limited, today filed appeals before the Hon’ble National Company Law Appellate Tribunal (NCLAT), New Delhi, challenging and praying to stay the order of the Hon’ble National Company Law Tribunal (NCLT), Mumbai, whereby Ericsson applications had been allowed to be admitted for debt resolution under the NCLT IBC process," the company said in a statement.
ET had reported on Tuesday about RCom's move, even as talks between the company and telecom gear maker Ericsson to settle legal issues over Rs 1,000 crore that the Anil Ambani owned companies owe, outside the court process were still going on.
RCom's shares were up 11.57% to Rs 14.95 as of 1:38 pm, on the Bombay Stock Exchange.
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