Arbitration court restrains RCom from selling assets
The order got here as an enormous blow to RCom which had unveiled a plan in December 2017 to promote its wi-fi property to Reliance Jio Infocomm Ltd, in an effort to trim debt.
RCom owed banks $7 billion as of March 2017 when it final made public its debt numbers, and extra to distributors.
Swedish telecoms tools maker Ericsson’s Indian subsidiary, which signed a seven-year deal in 2014 to function and handle RCom’s nationwide community, had filed the insolvency petitions in September 2017, searching for a complete of Rs 1,155 crore ($177.82 million).
Reliance Jio and RCom didn’t instantly reply to Reuters’ requests for feedback.
China Growth Financial institution, the most important international lender to RCom, withdrew a petition in January searching for to pull the indebted telecoms service into insolvency after the Indian firm outlined its debt discount plan which included the Jio deal.