RCom shut down its consumer mobile business late last yearSankalp Phartiyal, ReutersMumbai: The National Company Law Tribunal (NCLT) on Tuesday admitted an insolvency plea filed by Sweden’s Ericsson against Reliance Communications, potentially delaying the Indian firm’s plans to sell assets to lighten its debt load. Run by wealthy businessman Anil Ambani, RCom has said it plans to reduce its debt by selling assets such as airwaves, mobile masts and fibre optic investments. However, Tuesday’s order from the NCLT means that the asset sale would now be overseen by a court appointed administrator. Under India’s bankruptcy law, insolvency resolution needs to be completed within a maximum 9 months, failing which the company is liquidated. The company shut down its consumer mobile business late last year.

Source: Mint May 15, 2018 14:15 UTC