The National Company Law Appellate Tribunal denies permitting release of refunds to help Reliance Communications pay Ericsson’s dues and restrain the causality of Supreme court sending its Chairman Anil Ambani to jail.
The bench refused to address any party (specifically third party) to perform “certain duties to ensure settlement between other parties”, in judgment by the appellate tribunal.
It said in a order, “The parties should take steps to ensure that settlement in terms of the order dated May 30, 2018 is made in its letter and spirit to save three corporate debtors from the corporate insolvency resolution process enabling the financial creditors—State Bank of India and other banks—and Ericsson India Pvt. Ltd., operational creditor, to recover maximum dues. Otherwise, this appellate tribunal will have no option but to vacate the interim order dated May 30, 2018.”
The Supreme Court had ordered RCom to clear dues of Ericsson in four weeks, failing which the chairman of the Reliance Group will face a three-month jail term. Of the total dues worth Rs 550 crore, Rs 118 crore is deposited with the Supreme Court registry and will be transferred to Ericsson, the top court had said. RCom will have to pay the remaining amount by March 19.