MUMBAI: Telecom equipment maker Ericsson petitioned the National Company Law Tribunal (NCLT) seeking the start of bankruptcy proceedings against Reliance Communications (RCom) and two of its subsidiaries over total unpaid dues of Rs 1,150 crore. The two subsidiaries are Reliance Infratel and Reliance Telecom.
If the petition is accepted by NCLT, it could disrupt the merger process between RCom and Aircel. Legal experts said it’s unprecedented for a company to find itself in such a situation while a strategic debt restructuring package is being worked upon. Ericsson’s petition was filed on September 11 and NCLT will hear arguments on the matter on September 26.
“Ericsson can confirm that the company has filed an insolvency petition agai…
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