NCLT stays Reliance Infratel asset sale to Jio until further orders

Reliance Infratel has been given three weeks time to file a response

The Mumbai bench of the National Company Law Tribunal (NCLT), on Monday evening, stayed the sale of Reliance Infratel Ltd’s (R-Infra) assets until further orders. The NCLT also dismissed petitions filed by Reliance Infratel which sought to put a stop to the tribunal’s hearings on the proposed sale of its assets to a third-party, in lieu of debt resolution. 

Reliance Infratel is a subsidiary of Anil Ambani led Reliance Communications (RCom). The company plans to sell its assets, through a binding agreement, to Reliance Jio Infocomm Ltd (RJio) as per a debt resolution plan approved by lenders in December 2017.