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SC lifts ban on sale of RCom assets in Ericsson case

Update (5th April 2017): The Supreme Court has lifted the stay on the sale of assets by Anil Ambani's Reliance Communication (RCom). The Court directed that secured lenders can proceed with the asset sales in accordance with law. Swedish company Ericsson had approached the judiciary to recover its dues from RCom. RCom said it will conclude the sales of its spectrum, MCNs and real estate, soon. This means that the company can go ahead with the large asset sale it had earlier announced, wherein its wireless infrastructure will be handed over to Mukesh Ambani-led Reliance Jio in an all-cash deal. Original story (7th March 2018): Reliance Communication (RCom) has moved the Bombay High Court against an order barring it from selling assets without permission, by an arbitration court. The interim order was passed in a case filed by Swedish company Ericsson. The Bombay Stock Exchange sought a clarification from RCom in this matter, to which the company responded saying it has “filed an appeal before the Hon’ble Bombay High Court to protect the interests of secured lenders”. The Economic Times has reported that Ericsson too filed a caveat in the Bombay High Court to ensure that its views are heard before the court takes a call. Ericsson had reportedly moved an Indian arbitration court in September 2017 to recover unpaid dues of nearly Rs 11.55 billion. Ericsson’s Indian subsidiary had signed a deal in 2014 to operate and manage RCom‘s nationwide network for seven years. The arbitration court’s order has put roadblocks in…

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