Debt-ridden telecom operator RCom on Wednesday said it has filed an appeal before the Bombay High Court to protect the interests of secured lenders after an arbitration tribunal restrained the company from sale, transfer or mortgaging of assets.<\/p>\n
\u201cWe wish to inform you that the company has filed an appeal before the Bombay High Court to protect the interests of secured lenders,\u201d Reliance Communications (RCom) said in a BSE filing.<\/p>\n
An arbitration tribunal in an interim order has restrained the debt-ridden company from sale, transfer or mortgaging of assets.<\/p>\n
\u201c…we direct that the Claimant (RCom) and its affiliates are restrained from transferring, alienating encumbrances or disposing of any of its assets without specific permission\/leave of the Arbitral tribunal,\u201d the tribunal comprising Justices Swatanter Kumar, SB Sinha and VS Sirpurkar said in an order on an appeal by telecom gear maker Ericsson India.<\/p>\n
Ericsson has sought relief from the tribunal over payments that the Anil Ambani-led RCom owes to it.<\/p>\n
Mukesh Ambani-led Reliance Jio has signed a pact to acquire mobile business assets including spectrum, mobile towers and optical fibre network of RCom — owned by his younger brother Anil Ambani.<\/p>\n
The deal was expected to be complete by March 2018 and bring relief to RCom which is reeling under a debt of over Rs 38,000 crore.<\/p>\n
The tribunal said the respondent (Ericsson) has made out an arguable case and it is of the opinion that in the event the firm will suffer \u201cirretrievable injury\u201d if it is denied any relief.<\/p>\n
\u201cIrreparable injury in the opinion of tribunal would mean substantial injury. The applicant cannot be denied a legal remedy that is available under the law,\u201d the tribunal order said.<\/p>\n
Ericsson has submitted various claims before tribunal including Rs 1,200 crore admitted by RCom, in their correspondence and Rs 1,012 crore dues which RCom allegedly failed to pay despite repeated promises, assurance and undertakings.<\/p>\n","protected":false},"excerpt":{"rendered":"
Debt-ridden telecom operator RCom on Wednesday said it has filed an appeal before the Bombay High Court to protect the interests of secured lenders after an arbitration tribunal restrained the company from sale, transfer or mortgaging of assets. \u201cWe wish to inform you that the company has filed an appeal before the Bombay High Court […]<\/p>\n","protected":false},"author":1,"featured_media":24136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-24135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/24135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=24135"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/24135\/revisions"}],"predecessor-version":[{"id":24137,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/24135\/revisions\/24137"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/24136"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=24135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=24135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=24135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}