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RCom-Aircel Merger In Trouble As Ericsson Drags Ambani Firm To NCLT

14 Septembre 2017

Reliance Communications's stock opened lower and fell further 2.98% to Rs21.15 on BSE.

Shares of mobile carrier Reliance Communications (RCom) slipped as much as 2.3 per cent in Thursday's trading session as Ericsson India filed an insolvency case against the company and two of its units to recover unpaid dues, RCom said in a filing on Wednesday.

"We wish to inform you that Ericsson India Private Ltd (Ericsson), an unsecured operational creditor, has filed petition under IBC provisions against the company in".

The NCLT, after hearing the parties, adjourned the matter to September 26.

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"This seems like the first salvo has been fired but Ericsson is unlikely to push RCom to bankruptcy", said a Hong Kong-based trader.

Ericsson has also filed similar petitions against RCom subsidiaries, Reliance Infratel and Reliance Telecom, for recovery of Rs534.75 crore and Rs129.34 crore, respectively, the filing added.

Debt-laden Reliance Communications earlier this year said that its lenders had agreed to a strategic restructuring plan under which it will get a 7-month standstill to service loans amounting to Rs 45,000 crore.

Reliance Group companies have sued HT Media Ltd, Mint's publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed.

RCom-Aircel Merger In Trouble As Ericsson Drags Ambani Firm To NCLT