Ericsson moved SC against Anil Ambani-led RCom

Ericsson moved SC against Anil Ambani-led RCom

Agency News

Ericsson India moved a fresh contempt plea in Supreme Court against Anil Ambani-led Reliance Communications (RCom).

In the plea, Ericsson India alleged that the insolvency route taken by Anil Ambani-led Reliance Communications (RCom) has "dishonest intention".

The Supreme Court had ordered RCom to pay Rs 550 crore to Ericsson India latest by December 15. The purpose of the application filed by RCom to take the company into "voluntary winding up" is to obtain a moratorium, which would prevent it from making any payments to all creditors, including Ericsson, sources said.

RCom authorities claimed that as the monetization plans went awry, the company had been unable to find a solution for its debt and hence, would approach the National Company Law Tribunal (NCLT) for initiating insolvency. The move, company sources had then said, boosted hopes of the debt-laden firm being able to sell its spectrum and fibre optics assets to Reliance Jio Infocomm (RJio) soon.

In the fresh petition, Ericsson has further alleged that despite the completion of sale of RCom's fibre and related infrastructure worth Rs 3,000 crore to RJio, the dues of the company were not paid. In an earlier contempt plea moved in the Supreme Court, Ericsson India had sought the arrest of RCom Chairman Ambani and sought that his assets be frozen until the company pays its dues to the Swedish telecom equipment manufacturer. The same has been sought in the fresh petition also, along with a prayer seeking the court's directions to prevent him from leaving the country, the sources said. (UNI)