Reliance Communication headed for liquidation after NCLAT judgment

Debt resolution only after clearance of govt dues, says tribunal

Anil Ambani-promoted Reliance Communications (RCom), which is now bankrupt, will now undergo liquidation, unless the Supreme Court overturns the National Company Law Appellate Tribunal (NCLAT) order.

The order states that spectrum owned by the firm can be sold under the insolvency process after government dues are cleared.

A banking source said the committee of creditors (CoC) for RCom will file an appeal against the order. The NCLAT had passed the order in the ‘Aircel versus the Department of Telecom­munications (DoT)’ legal fracas.

Following the NCLAT’s judgment, experts said the resolution plan of UV Asset Reconstruction Company (UVARCL) for Aircel, which was approved in