The Reliance Communication and Ericsson strain carried over in the Supreme Court with the Swedish company called for the closing of the insolvency proceedings started against RCom in the National Company Law Tribunal (NCLT) as it has already got its dues, but Rcom hindered the step.
Justice RF Nariman led a top court bench to issue notices to both sides, asking them to present their legal position on whether insolvency proceeding should go on or not against RCom in the NCLT by way of written submissions with a week each.
“One-and-half-years have passed. They obstructed proceedings in the NCLT. Meanwhile, equities have changed. A substantial part of the assets has been sold off. This will work against us,” Dave argued.
Rohatgi said Ericsson would have to go to the NCLT to withdraw those proceedings. Withdrawal would be subject to 90% of the lenders agreeing to it, he contended.
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