ET: Ericsson to move Supreme Court to seek seizure of Anil Ambani assets

3 February 2019: Ericsson is set to file an application in the Supreme Court, pleading that all personal assets of Reliance Communications (RCom) chairman Anil Ambani be seized for breaching the top court’s order to repay the Swedish telecom equipment maker.

Ericsson has chalked out options to ensure it gets its settlement amount of Rs 550 crore, people aware of developments said. “Petitioning to freeze personal assets of Anil Ambani is one of them,” one of them told ET. Ericsson did not respond to ET’s queries as of press time Sunday. RCom on Sunday said its asset monetisation plan is still on, indicating its deal with Reliance Jio Infocomm stands. It said it was forced to head to NCLT because it failed to get 100% no objection certificate from its lenders.

Under NCLT, a resolution can be reached with NOC of 66% of the lenders. “RCom’s management will propose a similar debt resolution plan in the…NCLT process, as was earlier being pursued outside NCLT,” the telco said in its statement.

RCom said this includes sale of spectrum and infrastructure assets, monetisation of other businesses like Global Cloud Exchange, India Data Centres and Indian enterprise business, development of 30 million sq ft at the Dhirubhai Ambani Knowledge City complex, and sale of real estate assets.

“Our deal with Jio stands and we should be able to complete it within the latest June end deadline,” a senior RCom official said. Sources within RCom said payments to all operational creditors will be made as per NCLT process.

“Contempt cases against the chairman will continue. As per court orders, Ambani will have to appear on February 11,” said a second person aware of the development. “Applying for bankruptcy is another way of circumventing the top court’s orders to pay us INR `550 crore,” the person said.

The Economic Times Reported

Categories: General News

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