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NCLAT reserves order on RCom plea to release funds to Ericsson

Mna News - Published on Thu, 14 Mar 2019

Image Source: Live Law
The National Company Law Appellate Tribunal has reserved its order on a petition by Reliance Communications which has approached the tribunal seeking the release of income tax refunds to clear dues of Ericsson. Lenders of RCom have opposed the plea. After hearing both the sides, the NCLAT bench headed by Chairperson S J Mukhopadhyay reserved the order in the case.

Senior lawyer Kapil Sibal appearing for Anil Ambani-led Reliance Communications appealed for payment to be made to Ericsson from the trust and retention account held by SBI under which assets of telecom firm have been mortgaged.

Senior lawyer Neeraj Kishan Kaul appearing for SBI argued for rejection of the RCom's appeal, contending that it will lead to outgo of public money for settling payment of a private party.

Source :

Posted By : TelecomGuru on Thu, 14 Mar 2019
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