RCom offers Ericsson Rs 5 bn to clear dues; NCLAT to hear interim prayer

Ericsson counsel told the appellate tribunal that its dues stood at Rs 9.78 billion for services rendered to RCom

The National Company Law Appellate Tribunal (NCLAT) will hear the interim prayer of Reliance Communications (RCom) on Wednesday after the bench headed by chairman Justice S J Mukhopadhaya suggested that the parties settle the matter themselves. 

Appearing for RCom, senior advocate Kapil Sibal told New-Delhi based NCLAT that the stressed telecom company offered its operational creditor Ericsson an up-front sum of Rs 5 billion to clear all dues. 

The Swedish telecommunications equipment manufacturer and service provider signed a sever-year deal in 2014 with RCom and its subsidiaries for maintaining, upgrading and developing the latter’s telecommunications infrastructure.

Ericsson counsel told the