ET: Ericsson moves Supreme Court to end insolvency case against Reliance Communications

26 March 2019: Ericsson filed an application in the Supreme Court on Monday, requesting to end insolvency proceedings it started against Anil Ambani-led Reliance Communications.

The telecom company too filed an affidavit in the top court, seeking to drop contempt charges against its chairman since the company has settled the matter with the Swedish equipment supplier as per court’s orders. An Ericsson spokesperson confirmed the company moving the court to end the proceedings. 

RCom didn’t respond to ET’s request seeking comment until press time on Monday. 

The filings from both sides will bring to an end Ericsson’s 18-month battle with RCom over network maintenance arrears. 

This development comes a week after Reliance Industries’ chairman Mukesh Ambani saved his younger brother, Anil, from imprisonment by helping him clear Rs 580 crore of dues including penalty interest to Ericsson. The Supreme Court had set a March 19 deadline for RCom to clear the dues, failing which it said its chairman would go to jail.

The Economic Times reported

Categories: General News, India Bankruptcy

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