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NCLAT dismisses contempt petition filed against RCOM chairman alleging non-payment of dues

News , July 24, 2019

The National Company Law Appellate Tribunal (NCLAT) has dismissed a contempt petition filed by HSBC Daisy Investments (Mauritius) against Reliance Communications’ (RCOM) chairman Anil Ambani, certain company officials and RCOM’s tower unit, Reliance Infratel, alleging non-payment of dues.

HSBC Daisy Investments had moved the tribunal over an alleged default of Rs 2.30 billion by Reliance Infratel. In June 2018, RCOM had agreed to settle the dues within the next six months. However, the payment did not materialise after six months and HSBC Daisy Investments filed a contempt petition.

As per NCLAT, there was no case for initiation of contempt proceedings against RCOM. Therefore, it dismissed the petition.

In a separate development, RCOM’s lenders led by the State Bank of India (SBI) have decided to seek a refund of around Rs 5.80 billion that the debt-laden company had paid to Ericsson. The move comes after the NCLAT had stated in April 2019 that Ericsson may have to refund the amount in case RCOM heads for insolvency proceedings.

 
 

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