If Anil Ambani has not deposited 453 crores till march 19, can be arrested
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).
According to sources, DB RKOM, under debt, in the past, had said in his petition before the National Company Law Appellate Tribunal (NCLAT) that it wants to go through the bankruptcy process itself, because it will help in selling its properties in a time bound manner.
The company had advised NCLAT that 37 lenders led by SBI were instructed to issue 260 crores directly to Ericsson. However, lenders opposed this petition.
According to sources, “BSNL has already redeemed the bank guarantee of Rs 100 crore deposited by RCOM for default in payment. BSNL Chairman and Managing Director Anupam Srivastava had decided on January 4 to begin legal action against RCom for recovery of dues of around 700 crore rupees.
BSNL has linked the Singh & Kohli Law Firm to this cese. 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 the 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 Ganeral Insurance.