In order to speed up its debt resolution plan, Reliance Communications Limited (RCOM) has moved the National Company Law Appellate Tribunal (NCLAT) for the withdrawal of its appeal in Ericsson matter.
“Reliance Communications Limited (RCOM) on Monday moved the NCLAT for withdrawal of its appeal in Ericsson matter to pursue resolution plan through NCLT (National Company Law Tribunal) process,” said the spokesperson of RCOM in a statement on Monday.
“Accepting RCOM’s application for withdrawal of the said appeal, the NCLAT has directed Ericsson to file its reply in the matter by February 8, 2019. NCLAT has further listed the matter for hearing on February 12, 2019,” said the firm’s spokesperson.
According to the spokesperson, the NCLAT has also “prohibited RCOM’s guarantors and any third party from invoking any guarantee, mortgage or any other instrument, without NCLAT’s or Supreme Court’s prior permission.”
“RCOM or any third party will not sell, transfer or alienate any of its assets (movable and immoveable), without the NCLAT’s or the Supreme Court’s permission,” said the spokesperson in the statement.