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Reliance Communication Passes In NCLAT To Stop Permit Cancellation


Reliance communications have moved National Company Law Appellate Tribunal on the matter to not cancel its mobile permits for missing a spectrum payment. The telecommunications led by Anil Ambani is said to have also sought the appellate tribunal’s intervention to ensure that the government does not invoke RCom’s bank guarantees, citing as NCLAT order dated back in February to that effect.
The Department of Telecommunications had issued a notice to RCom, asking why its licenses shouldn’t be canceled after defaulting on a Rs 21 crore spectrum payment due on March 13. The buildout came after Reliance Industries chairman Mukesh Ambani saved his brother Anil from imprisonment.
RCom, weighed down by debt of some Rs 46,000 crore, is due to pay another installment of Rs 281 crore in April for spectrum in the 800 MHz band bought from Sistema Shyam Teleservices in eight circles.
In February, the appellate tribunal said the company, guarantors or third parties should not invoke any guarantee or mortgage any instrument without the court’s permission until further orders.
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