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Monday, March 18, 2019

Late company will take legal action against RCom for recovering BSNL arrears

https://www.technologymagan.com/2019/03/biz-bsnl-to-approach-nclt-against-rcom-to-recover-dues-worth-rs-700-crore.html

New Delhi:Government Telecom Company, Bharti Communications Corporation Limited (BSNL) will open the National Company Law Tribunal (NCLAT) this week to recover dues of 700 million rupees from Reliance Communications (RCom).

BSNL, facing a huge loss, can hit the National Company Law Tribunal (NCLT) to recover the outstanding amount of Rs 700 crore from Anil Ambani's Reliance Communications (RCOM).


RCOM has already expressed the desire to be bankrupt on his own, so that he can help in the sale of his properties in due course, due to which the arrears of the outstanding arrears can be paid.

In the matter of repaying the outstanding dues of Swedish company Ericsson after the Supreme Court order, the company had appealed to the banks in NCLAT to issue the company's deposit ITR, which the banks have opposed.

Sources told news agency PTI, "BSNL has already redeemed the bank guarantee of Rs 100 crore given by RCom in the case of payment default. In the meeting chaired by BSNL Chairman and Managing Director Anupam Shrivastav, a decision was taken on the issue of outstanding recovery of 700 crore rupees from RCom.

BSNL has linked the Singh & Kohli Law Firm to this case. Due to the challan deposit from all the circle offices, the filing of the case is delayed. RCom is facing difficulty in paying Ericsson Rs 453 crores.

The Supreme Court has given time till March 19 to pay RCom. If the company fails to do so, then Anil Ambani can be jailed for three months. RCom has already paid Ericson Rs 118 crore.

Reliance Capital of Anil Ambani Group has decided to sell stake in Reliance Nippon Life Asset Management and Reliance General Insurance to repay debt. The company is selling some of the properties of the main business to raise money. The company said, 50 percent of the total debt will be reduced by selling some of the properties other than the main business and 43 percent in Reliance Nippon and 49 percent in Reliance General Insurance.

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