Supreme Court orders status quo for RCom asset sale to Reliance Jio

The sale is important for RCom to repay debt by March. Else, it could be sent to the NCLT under the Insolvency and Bankruptcy Code

The Supreme Court on Thursday ordered status quo to be maintained in the sale of Anil Ambani-led Reliance Communications’ airwaves, fibre and towers to Relaince Jio for Rs240 billion.
 
A consortium of lenders, led by State Bank of India (SBI), had challenged the stay order of the National Company Law Tribunal (NCLT) on the proposed sale. The Supreme Court refused to raise the stay order or revoke the Bombay High Court March 8 order, which had dismissed an RCom plea against it.
 
The NCLT had been moved by Swedish telecommunication equipment maker Ericsson.
 
 The SC Bench of