New Delhi: The National Company Law Appellate Tribunal Wednesday reserved its order on a petition by Reliance Communications which has approached the tribunal seeking the release of income tax refunds to clear dues of Ericsson. However, the lenders of RCom have opposed the plea. After hearing both the sides, the NCLAT bench headed by Chairperson S J Mukhopadhyay reserved the order in the case.
Senior lawyer Kapil Sibal appearing for Anil Ambani-led Reliance Communications appealed for payment to be made to Ericsson from the trust and retention account held by SBI under which assets of telecom firm have been mortgaged. RCom has been asked by both the Supreme Court and the NCLAT to pay Rs 550 crore to Ericsson. The company has paid Rs 118 crore to Ericsson and failing to pay balance, Anil Ambani may face jail term for contempt.
