RCom shares dive 20.5% on NCLT move

RCom shares dive 20.5% on NCLT move

RCom shares dive 20.5% on NCLT move

The tribunal's dedicated bankruptcy court has admitted the three petitions almost eight months after Ericsson filed an NCLT plea seeking to recover 11.5 billion rupees ($169.5 million) in unpaid dues, the Economic Times reported.

The Swedish firm had inked a seven-year deal in 2014 to operate and manage RCom's nationwide telecom network but has not been paid the bill.

The tribunal admitted the petition, which could result in delaying RCom's plans to sell assets to lighten its debt load.

But the litigation is expected to prevent RCom from completing the $3.84 billion sale of the operator's wireless business to Reliance Jio Infocomm as part of its zero-write-off debt reduction plan.

On NSE, the RCom counter has clocked a volume of about 425 million shares so far in today's session.

A lawyer for RCom said it would appeal.

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Like other incumbents in India's telecoms sector, RCom has been hit by a fierce price war over the a year ago, especially after the entry of Reliance Jio, which offered free voice and cut-price data plans.

A two-member panel headed by Justice B S V Prakash Kumar said on Tuesday that an insolvency-resolution professional will be decided on in a day or two. The rule is aimed at blocking back-door entry by delinquent owners.

Billionaire Mukesh Ambani's prospects for bailing out his younger brother's phone company are fading after an Indian tribunal put his sibling's Reliance Communications Ltd. into insolvency proceedings, which prohibit "connected persons" from acquiring assets of delinquent borrowers.

In December 2017, Reliance Jio agreed to buy a majority of the wireless assets of RCom for an undisclosed amount.

Weakness was also seen in other group stocks, with Reliance Naval and Engineering falling by 6.96 per cent, Reliance Nippon Life Asset Management 2.46 per cent, Reliance Power 0.45 per cent and Reliance Infrastructure 0.45 per cent on BSE.

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