NCLAT Recalls Order that Allowed Sale of Rcom's Tower and Fiber Assets as per Supreme Court Direction.

NCLAT Recalls Order that Allowed Sale of Rcom's Tower and Fiber Assets as per Supreme Court Direction.

NCLAT RECALL ORDER

The National Company Law Appellate Tribunal (NCLAT) on Wednesday recalled its previous order which allowed debt-ridden Reliance Communications to proceed with the sale of its tower and fibre assets.

The sale of these businesses form an important part of the overall Rs 250 billion asset monetization blueprint of the troubled company.

The appellate tribunal would start its hearing on the plea of Reliance Infratel (RCom's subsidiary that runs the tower and fibre businesses) from April 23 over sale of its businesses.

SUPEREME COURT’S DIRECTION

"In view of the order passed by the Supreme Court, dated April 16, 2018...interim order dated April 6, 2018 is recalled," said NCLAT bench headed by Justice S J Mukhopadhaya.

CHALLENGE BY HSBC DAISY INVESTMENTS (MAURITIUS) LTD

NCLAT had on April 6 partially allowed sale of the businesses, which was challenged by HSBC Daisy Investments (Mauritius) Ltd.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday recalled its previous order which allowed debt-ridden Reliance Communications to proceed with the sale of its tower and fibre assets.

The sale of these businesses form an important part of the overall Rs 250 billion asset monetization blueprint of the troubled company.

NCLAT FRESH HEARING ON Reliance Infratel’s Insolvency Petition

The appellate tribunal would start its hearing on the plea of Reliance Infratel (RCom's subsidiary that runs the tower and fibre businesses) from April 23 over sale of its businesses.

"In view of the order passed by the Supreme Court, dated April 16, 2018...interim order dated April 6, 2018 is recalled," said NCLAT bench headed by Justice S J Mukhopadhaya.

NCLAT had on April 6 partially allowed sale of the businesses, which was challenged by HSBC Daisy Investments (Mauritius) Ltd.