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RCom, Ericsson case: Anil Ambani faces setback as Rs 453 crore fee deadline looms on 19 March

New Delhi: Just days forward of the expiry of the Supreme Court deadline to Anil Ambani to pay dues...

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RCom, Ericsson case: Anil Ambani faces setback as Rs 453 crore payment deadline looms on 19 March


New Delhi: Just days forward of the expiry of the Supreme Court deadline to Anil Ambani to pay dues to Ericsson, the NCLAT on Friday refused to direct the State Bank of India to launch Rs 259 crore of revenue tax refunds for making such fee, saying it doesn’t has jurisdiction to do this.

The Supreme Court has requested Ambani’s RCom group to pay Rs 453 crore in 4 weeks, by 19 March, failing which Ambani should go to jail.

“In an appeal filed under Section 61 of the ‘I&Code’ (insolvency and bankruptcy code), no direction can be given to any party to the settlement (particularly the third party) to perform certain duties to ensure settlement between other parties,” NCLAT bench of Chairman Justice S J Mukhopadhyaya and member (Judicial) Justice Bansi Lal Bhat mentioned.

It mentioned that because the case on this regard can be earlier than the Supreme Court, the NCLAT is “not vacating the interim order dated 30 May 2018, nor passing any direction to refund any amount to anyone or other party, till some order is passed by the Hon’ble Supreme Court”.

Reliance Group chairman Anil Ambani. PTI

As per the interim order, the ‘Financial Creditors/Joint Lenders Forum’, with whom the belongings of the RCom have been mortgaged, has been allowed to promote the belongings of the corporate and deposit the entire quantity. However, if appeals earlier than NCLAT are rejected, then lenders and collectors, together with Ericsson, should return the entire quantity within the account of RCom for additional proceedings.

Reliance Communications filed an attraction earlier than NCLAT to direct SBI to launch revenue tax refunds of Rs 259.22 crore that the corporate has acquired in belief and retentionship account, which is held on the public sector financial institution. SBI and different lenders to RCom had opposed the transfer.

RCom lawyer Kapil Sibal, in the course of the listening to of the case, had mentioned that the corporate will borrow remainder of the quantity from banks to make fee of Rs 453 crore to Ericsson.

RCom has already paid Rs 118 crore to Ericsson.

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