Anil Ambani led Reliance Communications which is currently in a tight spot as far as finance is concerned has come under one more trouble. This time, increasing the tensions for RCom, state run telecom BSNL is seeking to approach National Company Law Tribunal (NCLT) for the recovery of its ₹700 crore dues.
Earlier, debt-ridden RCom in its plea before the NCLAT said that it wants to voluntarily go back into the insolvency process, as it will help selling its assets in a time bound manner.
BSNL earlier has already invoked the bank grantee of ₹100 crore rendered by Reliance owing to default of payments. As per sources, the decision to recover dues of ₹700 crore was taken by BSNL Chairman and Managing Director Anupam Shrivastava on January 4.
Earlier this week in a similar case of default payment, NCLAT reserved its order pertaining to case between Reliance and Ericsson. The tribunal reserved its judgement on a petition by Reliance Communications (RCom) which appealed tribunal seeking the release of ₹259.22 crore income tax refunds using which it can clear its ₹550 crore dues to Ericsson.
Similarly in the same case a two judge bench of apex court comprising R F Nariman and Vineet Saran held the Anil Ambani and other two top executives guilty of contempt of court and imposed ₹1 Crore fine on each and also directed that nonobservance of it will lead to one month jail to them. The bench in its judgement also directed RCom to pay ₹453 Crore dues to Ericsson within a stipulated time of four weeks or three of them will be awarded with 3 months jail.
It also stated that the amount of ₹118 crore, already deposited by Reliance Group(ADAG) in the apex court’s registry, will be disbursed to Ericsson.
The Anil Ambani led Reliance commutations has been going through financial crises and is on the verge of bankruptcy. Earlier, the Mukesh Ambani led Jio agreed to buy the loss making telecom business but the deal couldn’t happen due to some debt related issues.