New Delhi : The Supreme Court on Thursday directed maintenance of status quo on the sale of assets of Anil Ambani-led Reliance Communication (RCom) to Reliance Jio on a plea of a banks’ consortium challenging a stay order of a tribunal.
The top court refused to lift the stay ordered by the arbitral tribunal and set aside the March 8 order of Bombay High Court by which RCom’s petition was dismissed.
A bench of Justices Adarsh Goel, U U Lalit and R F Nariman said “the parties are at liberty to file any affidavits/written submissions on or before March 28, 2018. In the meanwhile, status quo be maintained by the parties”. The apex court directed the listing of the matter for final hearing on April 5. During the hearing, Additional Solicitor General Tushar Mehta, appearing for joint lenders forum led by State Bank of India, said they were secured lenders and their claim took precedence over others parties including the unsecured creditors. He said the value of properties would deteriorate gradually and if the tribunal’s stay was not vacated and the subsequent high court order not set aside, they would be at a loss.
Co looks to seal deal by Aug 31
Mumbai: Reliance Comm-unications expects to complete the sale of its assets before August 31 even though the Supreme Court declined to interfere with a Bombay High Court order restraining the company from doing so. “RCom remains confident that its asset monetisation programme will be completed expeditiously to protect the interests of its secured lenders,” it said.
