Reliance Communications Ltd. (Rcom) has filed a second contempt of court plea in supreme court against the department of telecommunication (DoT) for not providing NOC (no objection certificate) for the sale of its spectrum to Reliance Jio Infocomm Ltd.
Due to the delay in NOC the proposed asset sale between Rcom and Jio, which was announced in December 2017 and was expected to be cleared by March, got delayed again thus affecting repayment to the lenders of RCom. The Supreme Court is scheduled to hear RCom’s petition on January 7.
The deal, which is highly important for Anil Ambani-led RCom, involves the sale of assets such as spectrum and towers with Rcom expected to fetch Rs 18,000 crores. The deal is crucial for Rcom as the company owes more than Rs 42,000 crores to its lender.
The supreme court, during their last hearing on December 14, had earlier granted RCom a relief by allowing it to furnish a corporate guarantee worth Rs. 1400 crores instead of a bank guarantee to the DoT, after which the Department of Telecommunications had agreed to issue a no-objection certificate within two days.