NEW DELHI: The Supreme Court (SC) on Thursday directed Anil Ambani-owned Reliance Communications (RCom) to handle establishment on sale of the company's assets to elder brother Mukesh Ambani's Reliance Jio Infocomm (Jio). The courtroom stated that the sale can be matter to its ultimate order, which effectively implies that the deal cannot be finalised with out SC approval.
The apex courtroom bench, comprising Justices A K Goel, R F Nariman and U U Lalit, refused to raise the stay ordered by Bombay High Court on R-Com asset sale. The top courtroom will pay attention pleas from the consortium of banks and RCom towards stay of assets sale by HC on April 5.
WHAT IS THE CASE ABOUT?
On December 28, 2017 the debt-laden RCom had announced the sale of its wi-fi spectrum, tower, fiber and media convergence node (MCN) assets to Jio, as a resolution plan to scale back the company's money owed by Rs 39,000 crore. On March 8, the Bombay top courtroom rejected RCom’s appeal towards an order of an arbitration tribunal barring the sale or transfer of its assets with out prior permission. The order used to be passed in a proceeding initiated by Swedish telecom apparatus maker Ericsson for recovery of Rs1,012 crore of arrears from RCom.
SBI BACKS RCom
On Wednesday, the rustic's greatest lender State Bank of India (SBI) additionally went to the top courtroom challenging the tribunal's order. SBI argued that as a secured lender, its declare took precedence over others. Apart from SBI, 24 different Indian lenders constitute the Joint Lenders Fora, including Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Punjab National Bank, IDBI Bank, UCO Bank, Indian Overseas Bank, Dena Bank, Corporation Bank, Union Bank, United Bank, Life Insurance Corporation of India (LIC) and Barclays Bank. RCom's total dues to SBI as on 28 February stood at Rs 4,027 crore.
RCom in a remark to the bourses on Wednesday stated that its bondholders have approved "with overwhelming majority" sale of its sure assets to Jio.
The apex courtroom bench, comprising Justices A K Goel, R F Nariman and U U Lalit, refused to raise the stay ordered by Bombay High Court on R-Com asset sale. The top courtroom will pay attention pleas from the consortium of banks and RCom towards stay of assets sale by HC on April 5.
WHAT IS THE CASE ABOUT?
On December 28, 2017 the debt-laden RCom had announced the sale of its wi-fi spectrum, tower, fiber and media convergence node (MCN) assets to Jio, as a resolution plan to scale back the company's money owed by Rs 39,000 crore. On March 8, the Bombay top courtroom rejected RCom’s appeal towards an order of an arbitration tribunal barring the sale or transfer of its assets with out prior permission. The order used to be passed in a proceeding initiated by Swedish telecom apparatus maker Ericsson for recovery of Rs1,012 crore of arrears from RCom.
SBI BACKS RCom
On Wednesday, the rustic's greatest lender State Bank of India (SBI) additionally went to the top courtroom challenging the tribunal's order. SBI argued that as a secured lender, its declare took precedence over others. Apart from SBI, 24 different Indian lenders constitute the Joint Lenders Fora, including Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Punjab National Bank, IDBI Bank, UCO Bank, Indian Overseas Bank, Dena Bank, Corporation Bank, Union Bank, United Bank, Life Insurance Corporation of India (LIC) and Barclays Bank. RCom's total dues to SBI as on 28 February stood at Rs 4,027 crore.
RCom in a remark to the bourses on Wednesday stated that its bondholders have approved "with overwhelming majority" sale of its sure assets to Jio.
SC asks RCom to wait for approval of sale of assets to Jio
![SC asks RCom to wait for approval of sale of assets to Jio]()
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March 22, 2018
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