RCom goes to NCLT to speed up Jio deal, hopes move will expedite DoT nod

On Monday, RCom also moved the NCLAT to withdraw its opposition to an insolvency petition filed by Ericsson India in the NCLT

Reliance Communications' (RCom's) shares crashed 50 per cent as soon as the markets opened on Monday, reacting to the company's Friday announcement that it would file for insolvency in the National Company Law Tribunal (NCLT). Sources said this move, however, boosted hopes of the debt-laden firm being able to sell its spectrum and fibre optics assets to Reliance Jio (RJio) soon.

"As the matter moves to the NCLT, the Department of Telecommunications (DoT) nod will come earlier. The DoT is also a creditor and until the deal (worth Rs 25,000 crore) goes through, no lender will get anything," said a