RCom in talks with Ericsson to settle dues outside NCLT

RCom in talks with Ericsson to settle dues outside NCLT

FPJ BureauUpdated: Wednesday, May 29, 2019, 09:16 AM IST
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New Delhi : Anil Ambani-run Reliance Communications on Friday said it is in advanced stages of discussions with Ericsson for settling issues related to unpaid dues outside of the insolvency and bankruptcy proceedings.

“We confirm that RCom and Ericsson are at an advanced stage of discussions to expeditiously resolve commercial issues. This will enable Reliance Communications to exit the National Company Law Tribunal (NCLT) process,” an RCom spokesperson said in a statement.

The spokesperson added that the company is confident to “expeditiously proceed with its monetisation plan with Reliance Jio and overall resolution plan with the lenders, keeping in mind the interests of all stakeholders”.

Earlier this week, the NCLT in Mumbai admitted an insolvency petition filed by Swedish firm Ericsson against RCom and two of its subsidiaries seeking to recover Rs 1,150 crore.

Ericsson had signed a seven-year deal in 2014 to operate and manage RCom’s nationwide telecom network but has not been paid for the service.

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