BS: Ericsson, RCom case Chronology

20 February 2019: The following is the chronology of events in the case in which the Supreme Court Wednesday held Reliance Communications Ltd (RCom) Chairman Anil Ambani and others guilty of contempt of court.

– Jan 25, 2013: Ericsson, RCom enter pact to operate and manage RCom’s nationwide telecom network.

– May 7, 2017: Ericsson issues three notices to three Reliance companies to pay Rs 9.78 crore in dues.

May 19: The companies state performance of Ericsson had been inconsistent 

Sep 7: Ericsson terminates agreement, asks them to pay outstanding amount in full.

Sep 8: Ericsson files three applications under Insolvency and Bankruptcy Code as operational creditors.

– May 15, 2018: National Company Law Tribunal admits Ericsson’s plea for beginning of insolvency proceedings against RCom.

May 18: NCLT appoints three Interim Resolution Professionals for the process.

May 30: National Company Law Appellate Tribunal stays bankruptcy proceedings, RCom says it has agreed to pay Rs 550 crore dues within 120 days.

July 17: 3 Reliance companies file plea in SC seeking quashing of corporate insolvency resolution process in view of settlement of disputes between them and Ericsson.

Aug 3: SC approves settlement between RCom and Ericsson, allows RCom to sell assets worth about Rs 25,000 crore.

Aug 9: Undertakings given by chairmen of Companies says dues will be paid upon sale of company’s assets.

Sep 27: Reliance firms seek extension of 60 days.

Oct 1: Ericsson files contempt plea against RCom and the group companies.

Oct 23: SC grants RCom till Dec 15 for paying Ericsson.

Dec 12: RCom moves second application in SC for extension of time.

Dec 13: SC refuses any such extension.

– Jan 21, 2019: Three Reliance Companies inform SC Rs 118 crore had already been deposited with the apex court’s Registry.

Feb 1: RCom group writes to stock exchanges, making it clear that they will not resist the corporate insolvency resolution process that had been stayed.

Feb 20: SC holds Anil Ambani and others guilty of contempt of court.

The Business Standard reported

Categories: General News, India Bankruptcy

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