NEW DELHI: An arbitration court has restrained Reliance Communications Ltd (RCom) and two of its firms from shifting or promoting any belongings without its permission, in an interim order after Ericsson moved the tribunal to recover unpaid dues.
The order came as a large blow to RCom which had unveiled a plan in December 2017 to promote its wi-fi belongings to Reliance Jio Infocomm Ltd, so that you can trim debt.
RCom owed banks $7 billion as of March 2017 when it closing made public its debt numbers, and extra to distributors.
Swedish telecoms apparatus maker Ericsson's Indian subsidiary, which signed a seven-year deal in 2014 to perform and set up RCom's national community, had filed the insolvency petitions in September 2017, searching for a complete of Rs 1,155 crore ($177.82 million).
Reliance Jio and RCom did not immediately respond to Reuters' requests for comments.
China Development Bank, the biggest overseas lender to RCom, withdrew a petition in January searching for to drag the indebted telecoms provider into insolvency after the Indian corporate defined its debt reduction plan which included the Jio deal.
The order came as a large blow to RCom which had unveiled a plan in December 2017 to promote its wi-fi belongings to Reliance Jio Infocomm Ltd, so that you can trim debt.
RCom owed banks $7 billion as of March 2017 when it closing made public its debt numbers, and extra to distributors.
Swedish telecoms apparatus maker Ericsson's Indian subsidiary, which signed a seven-year deal in 2014 to perform and set up RCom's national community, had filed the insolvency petitions in September 2017, searching for a complete of Rs 1,155 crore ($177.82 million).
Reliance Jio and RCom did not immediately respond to Reuters' requests for comments.
China Development Bank, the biggest overseas lender to RCom, withdrew a petition in January searching for to drag the indebted telecoms provider into insolvency after the Indian corporate defined its debt reduction plan which included the Jio deal.
Arbitration court restrains RCom from selling assets
![Arbitration court restrains RCom from selling assets]()
Reviewed by Kailash
on
March 06, 2018
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