The National Company Law Appellate Tribunal (NCLAT) had directed Reliance Communications (RCom) and any associated third party to not sell, transfer or alienate any of its assets (movable and immovable) without the appellate tribunal’s or the Supreme Court’s permission. RCom’s guarantors and any third party are prohibited from invoking any guarantee, mortgage or any other instrument without permission.
This directive came after RCom moved to the tribunal to withdraw its appeal against an order passed by NCLAT. NCLAT passed an order earlier, directing the firm to pay Rs 550crores to Erricson, to pursue the resolution plan through the NCLT process.RCom had appealed against the order.
The appellate tribunal accepted the application for the withdrawal and has asked Ericsson India to file its objection by February 8 over Reliance Communications appeal to proceed with the insolvency process. The concerned parties will now appear before the tribunal on hearing day on February 12, 2019.