The NCLAT on Tuesday dismissed contempt petitions filed against Reliance Group Chairman Anil Ambani and other officials by minority shareholders, alleging non-payment of dues by Reliance Infratel. A two-member bench headed by NCLAT Chairman Justice S J Mukhopadhaya dismissed the pleas against Ambani and officials after observing that consent terms … Read More
Reliance Communications (RCom) has hit a new hurdle in its insolvency process, falling into the hands of uncertainty about whether or not the resolution professional will be able to sell its most valuable asset – spectrum, as per a new ET Telecom report. According to the insolvency professionals, the telecom … Read More
Reliance Communications (RCom), which is facing insolvency proceedings, Monday reported a consolidated net loss of Rs 7,767 crore in the fourth quarter of 2018-19. The company had reported a net loss of Rs 19,776 crore in the corresponding period of 2017-18. Total income rose to Rs 1,089 crore during the … Read More
The National Company Law Tribunal Thursday allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs 50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT … Read More
The National Company Law Appellate Tribunal (NCLAT) said it would decide on the insolvency of debt-ridden Reliance Communications (RCom). RCom has pleaded the tribunal to go ahead with insolvency proceedings against it as it is unable to pay dues to its lenders. Swiss telecom gear maker Ericsson, which received its … Read More
Anil Ambani led telecom operator – Reliance Communications might have stumbled on a new hurdle as the telco missed another spectrum payment deadline. The payment which RCom was required to make totalled Rs 281 crores and was to be made by April 5. However, the telecom operator is relying on … Read More
A day before the expiry of Supreme Court set deadline, Reliance Communications on Monday paid Rs 458.77 crore to Swedish telecom equipment maker Ericsson, clearing outstanding dues and fending-off a possible jail term for its billionaire Chairman Anil Ambani. Sources close to RCom said the payment was made to Ericsson … Read More
The National Company Law Appellate Tribunal on Wednesday 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, as we have reported earlier today. After hearing both … Read More
Lenders of Reliance Communications (RCom) on Tuesday contended before the NCLAT that they have the first right over Rs 260 crore, which the debt-ridden company has received as the income tax refund. The SBI along with other members of Joint Lenders’ Forum (JLF) said that under the RBI guidelines, they … Read More
Observing there was a ‘wilful default’, the Supreme Court on Wednesday held Anil Ambani, chairman of Reliance Communications (RCom), guilty of contempt of court and ordered the debt-laden company to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a three-month jail … Read More
The National Company Law Appellate Tribunal (NCLAT) on Monday allowed telecom gear maker Ericsson India to file its objection by February 8 over Reliance Communications’ plea to proceed with insolvency process. A two-member bench headed by Chairman Justice S J Mukhopadhaya also said that until further orders of the NCLAT or … Read More
Reliance Communications on Sunday said it would propose a similar debt resolution plan to the National Company Law Tribunal that it had been pursuing outside the court. The Anil Ambani-led company last week announced that it would file for bankruptcy proceedings as it failed to sell its assets for paying … Read More
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