NCLAT reserves order on RCom plea to release funds to clear Ericsson dues

RCom has been asked by both the Supreme Court and the NCLAT to pay Rs 550 crore to Ericsson

The National Company Law Appellate Tribunal on Wednesday reserved its order on a petition by Reliance Communications which has approached the tribunal seeking the release of income tax refunds to clear dues of Ericsson.
 

Lenders of RCom have opposed the plea.
 

After hearing both the sides, the NCLAT bench headed by Chairperson S J Mukhopadhyay reserved the order in the case.
 

Senior lawyer Kapil Sibal appearing for Anil Ambani-led Reliance Communications appealed for payment to be made to Ericsson from the trust and retention account held by SBI under which assets of telecom firm have been mortgaged.
 

Senior lawyer Neeraj