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 NCLATs judgment, experts said the resolution plan of UV Asset Reconstruction Company (UVARCL) for Aircel, which was approved in June 2020, would be unworkable and the company would be head…
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