Photo: BloombergMumbai: The National Company Law Appellate Tribunal (NCLAT) on Tuesday will hear Reliance Communication’s (RCom) appeal against the National Company Law Tribunal’s (NCLT) decision to start insolvency proceedings against Anil Ambani-controlled companies, RCom said in a statement on Monday. “The appeals filed in the Hon’ble NCLAT against the NCLT orders admitting RCom, RITL (Reliance Infratel Limited) and RTL (Reliance Telecom Ltd) to the debt resolution process and appointment of the interim resolution professional, were mentioned for urgent hearing today,” RCom said in a statement. The NCLT had passed the order to start insolvency proceedings while hearing a petition by Swedish telecom equipment major Ericsson on 29 May. “The Hon’ble NCLAT has fixed the appeals for hearing tomorrow, Tuesday, May 29, 2018,” it said. All banks and financial institutions of RCom, RITL and RTL have unanimously decided to oppose the NCLT debt resolution process, RCom said in the statement.

Source: Mint May 28, 2018 08:26 UTC