It had signed a deal to sell its spectrum, towers, fibre and switching nodes to Reliance Jio for some Rs18,000 crore to pare debt. RCom, under a debt of Rs 46,000 crore, was dragged into insolvency proceedings after the NCLT admitted three petitions filed by Ericsson against the telco and its two units.The Swedish equipment maker, represented by senior lawyer Anil Kher during the proceedings, is claiming dues of more than Rs1,000 crore.According to NCLT’s order admitting Ericsson’s plea against the telco, insolvency proceedings against RCom were to have started from May 15. The IRP would now have 270 days to come up with a solution to bring RCom back, failing which the company could face liquidation. RCom became the second telco after Aircel to be admitted to bankruptcy proceedings.The appointments of the IRPs came on a day RCom confirmed it is in “advanced” talks with Ericsson to resolve their dispute. This will enable Reliance Communications to exit the NCLT process,” the telco said in a notice to the stock exchanges.ET had reported Thursday that the latest settlement amount being discussed was around Rs700 to Rs800 crore, after Ericsson rejected an initial offer of Rs400-500 crore.

Source: Economic Times May 18, 2018 15:02 UTC