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NCLT admits Ericsson petition against RCom, orders bankruptcy proceedings

Update (May 18, 2018): Anil Ambani-led Reliance Communication has confirmed that it is in advanced talks with Ericsson to settle the unpaid dues matter, which has now resulted in an insolvency order by the National Company Law Tribunal. "We confirm that RCom and Ericsson are at an advanced stage of discussions to expeditiously resolve commercial issues. This will enable Reliance Communications to exit the National Company Law Tribunal (NCLT) process," an RCom spokesperson said in a statement. At the same time, other media reports suggest that the out-of-court settlement is unlikely. If the deal is worked out, it could possibly save RCom from bankruptcy proceedings, and allow its infrastructure asset sale deal with Jio to be completed, cutting the former's losses. Original story (May 16, 2018): A bench of the National Company Law Tribunal has admitted a petition by Ericsson and ordered bankruptcy proceedings against Anil Ambani-led Reliance Communication, a development which could make a big impact on RCom’s plans. The tribunal’s order could delay the firm’s plan sell its infrastructural assets to Mukesh Ambani’s Jio. The deal, which was finalised in January, was an attempt by the debt-ridden RCom to reduce its losses. Case history Ericsson had moved 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. On this case, the arbitration court barred RCom from selling its assets. In response, the telco approached the Bombay High Court…

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