RCom is selling assets, including spectrum, telecom towers and optical fibre network to Reliance Jio to raise funds and repay its Rs45,000 crore debt. Photo: BloombergMumbai: The Bombay high court has dismissed the appeal filed by Reliance Communications Ltd (RCom) against an arbitration tribunal order that restrained the telecom firm from selling its assets without prior approval till 9 June. Virag Tulzapurkar, the lawyer appearing for RCom, argued the joint lenders’s forum of RCom was conducting the sale of assets. He said as Ericsson was an unsecured creditor, it would not get money even if it stops the sale from proceeding. Ericsson’s lawyers Anil Kher argued that the arbitration tribunal has not prohibited the sale of assets but has only ordered that its prior approval should be taken.

Source: Mint March 08, 2018 19:41 UTC