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Showing posts with the label BANKRUPTCY

Supreme Court refuses to lift stay on RCom asset sale to Reliance Jio

The top court will hear pleas from the consortium of banks and RCom against stay of assets sale by HC on April 5   The Supreme Court on Thursday ordered that status quo be maintained on Reliance Communication's sale of assets to R-Jio on pleas by a consortium of banks. The apex court bench, comprising Justices A K Goel, R F Nariman and U U Lalit, refused to lift the stay ordered by Bombay High Court on R-Com asset sale. The top court will hear pleas from the consortium of banks and RCom against stay of assets sale by HC on April 5. The State Bank of India had yesterday moved the apex court challenging a tribunal's order, which was upheld by the Bombay High Court, allowing Ericsson to stake a claim on RCom Consolidated's assets. RCom owes Indian lenders Rs 420 billion. RCom Consolidated incorporates the Anil Ambani-led group's Reliance Communications, Reliance Infratel and Reliance Telecom. Apart from SBI, 24 other Indian lenders const...