Signals, Powered By EquityPandit
The debt-laden Reliance Communications Ltd’ financial creditors have opposed Rcom’s plea to release the income tax refunds, for the purpose of paying dues to Ericsson, before the National Company Law Appellate Tribunal. The Rcom had pled to the NCLAT, seeking waiver over the moratorium placed by it on February 4.
The company’s financial creditors, which includes the State Bank of India, has been directed by a two-member bench of the NCLAT to submit file their reply on the issue by March 8. RCom’s defence and senior advocate Kapil Sibal, has requested the appellate tribunal to allow the release of money directly into the account of Ericsson.
In contrast, senior advocate Krishnan Venugopal while appearing for the SBI opposed the plea, stating “this tribunal is not the appropriate forum to decide the issue. The Supreme Court has already considered the issue. The sum has to come independently.”
The NCLAT bench headed by Justice SJ Mukhopadhaya has directed to list the matter on March 11 for the next hearing. The Supreme Court, on February 20, found RCom chairman Anil Ambani guilty of contempt of court for willfully violating its order by not paying Rs 550-crore dues to telecom equipment maker Ericsson.
The Supreme Court has directed Ambani to pay remaining Rs 453 crores to Ericsson in four weeks, failing to which can attract a three-month jail term.
