India's RCom Moves Appellate Court to Withdraw Ericsson Appeal

India’s Reliance Communications Ltd on Monday moved the National Company Law Appellate Tribunal (NCLAT) to withdraw its appeal in a dispute with Ericsson as it seeks to pursue a debt resolution plan through the country’s bankruptcy court, Reuters reported. Mumbai-based RCom, controlled by Anil Ambani, said on Friday it will seek fast-track resolution of its debt through the National Company Law Tribunal (NCLT), the country’s court that deals with bankruptcy cases. The NCLAT on Monday asked Ericsson to file a response by Feb. 8 and scheduled a hearing for Feb. 12. The Swedish telecom equipment maker signed a deal with RCom in 2014 to manage and operate its network and last year approached the court over unpaid dues. In May 2018, the NCLAT put on hold insolvency proceedings against RCom as part of a settlement and asked it to pay Ericsson 5.5 billion rupees ($81.5 million) by the end of September. Read more

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