NCLAT Refuses To Direct SBI To Release Rs.260 Crores To Reliance To Enable It To Settle Ericsson Dues [Read Order]
5 years, 10 months ago

NCLAT Refuses To Direct SBI To Release Rs.260 Crores To Reliance To Enable It To Settle Ericsson Dues [Read Order]

Live Law  

In a major set back to Anil Ambani, the National Company Law Appellate Tribunal on Friday refused to direct the State Bank of India to release the amount of Rs.260 crores of income tax refund held by it in trust on behalf of all creditors of Reliance Communications to enable the telecom company to pay Rs.450 crores to Ericsson India Private Ltd as per direction of the. In a major set back to Anil Ambani, the National Company Law Appellate Tribunal on Friday refused to direct the State Bank of India to release the amount of Rs.260 crores of income tax refund held by it in trust on behalf of all creditors of Reliance Communications to enable the telecom company to pay Rs.450 crores to Ericsson India Private Ltd as per direction of the Supreme Court. On February 20, the Supreme Court had held Rcom Chairman Anil Ambani and three Reliance companies guilty of contempt of court for not complying with the undertaking to settle the Rs.550 crores dues of Ericsson. Accordingly, the NCLAT on May 30, 2018, stayed the insolvency process, permitted the lenders to sell off the mortgaged assets and deposit the proceeds in an escrow account maintained with SBI, and directed Reliance to pay Rs.550 crores to Ericson within 120 days.

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History of this topic

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
4 months, 3 weeks ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

Live Law  

The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

Rel Home NCD holders claim BoB flouted SC order
1 year, 7 months ago

Rel Home NCD holders claim BoB flouted SC order

Live Mint  

MUMBAI : The debenture holders of Reliance Home Finance Ltd have issued a legal notice to state-owned Bank of Baroda, accusing it of engaging in foul play, and disregarding the directives issued in a recent Supreme Court ruling. “BoB, the lead bank of the inter-creditor agreement consortium, not only participated but also ensured the Supreme Court order is breached with …

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order
1 year, 11 months ago

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order

Live Law  

National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra disposed off the appeal filed by the Reliance Capital Creditor namely Vistra ITCL against the NCLT Mumbai order dated 23.01.2023. Senior Advocate Darius Khambata along with Senior Advocate Ramji Srinivasan & Arun Kathpalia appeared for Torrent Investment and apposed the plea of Vistara ITCL on …

Supreme Court Issues Contempt Notice To Suraz India Trust Chairman Rajiv Daiya For 'Scandalizing' Letter
3 years, 6 months ago

Supreme Court Issues Contempt Notice To Suraz India Trust Chairman Rajiv Daiya For 'Scandalizing' Letter

Live Law  

The Supreme Court issued contempt notice to Suraz India Trust Chairman Rajiv Daiya for scandalizing the Court.It is clearly an endeavour to browbeat the Court and this Court will not countenance the same, the bench of Justices Sanjay Kishan Kaul and Hemant Gupta said.On May 1, 2017, the Supreme Court's three-Judge bench headed by the then Chief Justice of India, …

"Orders Passed By This Court Be Brought In Notice Of High Court": Supreme Court in Suraz India Trust Contempt Case
3 years, 8 months ago

"Orders Passed By This Court Be Brought In Notice Of High Court": Supreme Court in Suraz India Trust Contempt Case

Live Law  

Supreme Court has on Thursday been informed by the State of Rajasthan that the High Court has issued an interim order in favour of Rajiv Dhaiya, chairperson of NGO Suraz India Trust granting a stay on his transfer by the government. The Bench had on 12th April called for an affidavit from the state of Rajasthan disclosing the nature of …

RIL-Future Deal: Delhi HC Issues Notice Seeking Biyanis' & Reliance's Response In Amazon's Appeal
4 years ago

RIL-Future Deal: Delhi HC Issues Notice Seeking Biyanis' & Reliance's Response In Amazon's Appeal

ABP News  

The Delhi court on Wednesday issued notice to Kishore Biyani-led Future Retail Ltd and Reliance Retail seeking response in Amazon's plea challenging the prima facie observations by a single judge that the American e-commerce giant's attempt to control the Indian entity was violative of FEMA and FDI rules.A Division Bench of Chief Justice DN Patel and Justice Jyoti Singh heard …

NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore
4 years, 6 months ago

NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore

India TV News  

The National Company Law Tribunal on Tuesday reserved its order on the State Bank of India plea against Anil Ambani to recover over Rs 1,200 crore under the personal guarantee clause of the bankruptcy law. Anil Ambani had given a personal guarantee to the loans given to Reliance Communications and Reliance Infratel. In early 2019, Reliance Communications, once the flagship …

SC Dismisses Centre's Appeal Against TDSAT Order To Refund Rs 104 Crores To Reliance Communications [Read Judgment]
5 years ago

SC Dismisses Centre's Appeal Against TDSAT Order To Refund Rs 104 Crores To Reliance Communications [Read Judgment]

Live Law  

In a relief to Reliance Communications Ltd, the Supreme Court on Tuesday dismissed the appeal filed by Central Government against the order of Telecom Disputes Settlement & Appellate Authority directing refund of around Rs 104 crore to telecom company. The TDSAT had on December 21, 2018 directed the Centre to return around Rs 104 crore after encashing bank guarantee of …

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials
5 years, 6 months ago

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials

Firstpost  

New Delhi: The National Company Law Appellate Tribunal on Wednesday reserved its order over the admission of a contempt petition filed against Reliance Group Chairman Anil Ambani and its other officials by minority shareholders alleging non-payment of dues by Reliance Infratel. A two-member bench, headed by NCLAT Chairman Justice S J Mukhopadhaya, said it will decide whether the contempt petition …

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May
5 years, 8 months ago

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May

Firstpost  

At the last hearing, RCom had sought 357 days exclusion in the insolvency process citing the stays it had on the process by the NCLAT and the Supreme Court. Mumbai: The National Company Law Tribunal on Thursday allowed Reliance Communications to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs …

NCLT begins bankruptcy process for Anil Ambani's Reliance Communications
5 years, 8 months ago

NCLT begins bankruptcy process for Anil Ambani's Reliance Communications

Firstpost  

Mumbai: The lenders to the crippled Reliance Communications Tuesday moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 crore to 31 lenders led by State Bank of India. Meanwhile, RCom through the existing resolution professional, …

Reliance vs Ericsson: Unsecured Creditor Walks Away With Money; Banks Clueless About Recovery
5 years, 9 months ago

Reliance vs Ericsson: Unsecured Creditor Walks Away With Money; Banks Clueless About Recovery

Live Law  

In the scheme of the Insolvency and Bankruptcy Code, the claims of operational creditors rank lower than the claims of secured financial creditors.But in the recent Reliance-Ericsson dispute, the unsecured operational creditor managed to upstage the financial creditors. Ericsson Indian Pvt Ltd, an operational creditor of Reliance Communications, has managed to claim nearly 50% of its dues by going through …

Anil Ambani Avoids Prison As Reliance Clears Ericsson Dues Before SC Deadline
5 years, 9 months ago

Anil Ambani Avoids Prison As Reliance Clears Ericsson Dues Before SC Deadline

Live Law  

With Reliance Communications paying Rs.462 crores to Ericsson before the deadline fixed by the Supreme Court, its Chairman Anil Ambani has avoided imprisonment, reports the Economic Times. As per the ET report, Ericsson's lawyer confirmed receipt of the payment.On February 20, the Supreme Court had held Ambani and three Reliance companies guilty of contempt of court for not complying with. …

RCom pays ₹460 crore to settle Ericsson dues
5 years, 9 months ago

RCom pays ₹460 crore to settle Ericsson dues

Live Mint  

Mumbai: Ericsson SA has received ₹462 crore from Indian telecom firm Reliance Communications Ltd, the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term. Late last month, the Supreme Court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom …

A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson
5 years, 10 months ago

A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson

Firstpost  

Observing there was a ‘willful default’, the Supreme Court ordered RCom to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a 3-month jail term. The Supreme Court on Wednesday found Anil Ambani, chairman of debt-laden RCom, guilty of contempt of court for willfully failing to pay Rs 550 crore to Ericsson. …

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events
5 years, 10 months ago

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events

Firstpost  

The Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. New Delhi: The following is the chronology of events in the case in which the Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. Observing there was a ‘wilful default’, …

Reliance Group stocks under pressure; slip up to 4.3% on Supreme Court order against Anil Ambani in Ericsson case
5 years, 10 months ago

Reliance Group stocks under pressure; slip up to 4.3% on Supreme Court order against Anil Ambani in Ericsson case

Firstpost  

Shares of Reliance Group companies on Wednesday closed 4.3 percent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court. New Delhi: Shares of Reliance Group companies on Wednesday closed 4.3 percent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court …

Anil Ambani's Reply Affidavit Clearly Demonstrates His Cavalier Attitude To The Highest Court Of The Land: SC [Read Judgment]
5 years, 10 months ago

Anil Ambani's Reply Affidavit Clearly Demonstrates His Cavalier Attitude To The Highest Court Of The Land: SC [Read Judgment]

Live Law  

The Supreme Court, on Wednesday, held three Reliance Companies, guilty of contempt of court for defaulting payments to Ericsson as per the undertaking given to the Court. The court also observed that the three Reliance Companies have willfully not paid the sum of INR 550 crore plus interest and have thus breached the undertakings given to the Court. "The undertakings …

Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks
5 years, 10 months ago

Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks

Firstpost  

The RCom chairman and others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks, the Supreme Court said. The Supreme Court on Wednesday held Reliance Communication chairman Anil Dhirubhai Ambani and others guilty of contempt in a plea filed by Ericsson India over not clearing its dues of Rs 550 crore. The Supreme Court …

Breaking: SC Holds Anil Ambani Guilty Of Contempt; No Jail If Reliance Pays Ericsson Rs 453 Crores In 4 Weeks [Read Judgment]
5 years, 10 months ago

Breaking: SC Holds Anil Ambani Guilty Of Contempt; No Jail If Reliance Pays Ericsson Rs 453 Crores In 4 Weeks [Read Judgment]

Live Law  

The Supreme Court bench of Justices R F Nariman and Vineet Saran has held Anil Ambani, Chairman of Reliance Communications, guilty of contempt of court for defaulting payments to Ericsson as per the undertaking given to the Court.The three Reliance Companies - RCom, Reliance Telecom and Reliance InfraTel- are also held guilty of contempt, and fine of Rs One Crore …

'Reliance Has Money To Pay Rafale; But Not To Pay Our Debts', Ericsson Submits As SC Reserves Orders On Contempt Plea Against Anil Ambani
5 years, 11 months ago

'Reliance Has Money To Pay Rafale; But Not To Pay Our Debts', Ericsson Submits As SC Reserves Orders On Contempt Plea Against Anil Ambani

Live Law  

The Supreme Court bench of Justices R F Nariman and Vineet Saran today reserved orders on the contempt petitions filed by Ericsson against the Chairman of Reliance Communications Ltd Anil Ambani and other officials.Ambani was present in Court today along with Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani.The contempt petitions have been. The Supreme …

Supreme Court reserves verdict in Ericsson’s contempt plea against RCom
5 years, 11 months ago

Supreme Court reserves verdict in Ericsson’s contempt plea against RCom

Live Mint  

The Supreme Court on Wednesday reserved its verdict on Ericsson’s contempt plea against Reliance Communications Ltd and its chairman Anil Ambani for “wilful disobedience” of the court’s earlier orders to pay dues of ₹550 crore to the Swedish telecom equipment maker. Ericsson had asked the court to direct Ambani to submit ₹550 crore along with interest of 12% per annum …

Anil Ambani flies in private jets, has money for Rafale but no money to pay Rs 550 cr dues, asks Ericsson lawyer
5 years, 11 months ago

Anil Ambani flies in private jets, has money for Rafale but no money to pay Rs 550 cr dues, asks Ericsson lawyer

Firstpost  

Early this month, RCom decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the Anil Ambani-led telecom firm said. Supreme Court has on Wednesday reserved its judgement on a contempt plea filed against Reliance Communication chairman Anil Dhirubhai Ambani and and two others by Ericsson India over not clearing its dues of …

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow
5 years, 11 months ago

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow

Live Law  

Anil Ambani, Chairman of Reliance Communications, appeared in the Supreme Court in response to the notices issued by the apex court in the contempt petitions filed Swedish company Ericsson. Three officials of the company were also present.The bench of Justices R F Nariman and Vineet Saran however adjourned the matter for tomorrow. The contempt petitions have been filed alleging that …

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India
5 years, 11 months ago

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India

Firstpost  

The Supreme Court of India had issued notice to Anil Ambani and others on a contempt petition filed by Ericsson India over non-payment of its dues. Reliance Communications chairman Anil Ambani has reached the Supreme Court on Tuesday to appear in a contempt petition filed by Ericsson India over not clearing its dues of Rs 550 crore. Contempt proceeedings Ericsson …

SC issues notice to Anil Ambani over RCom Ericsson dues
6 years ago

SC issues notice to Anil Ambani over RCom Ericsson dues

Live Mint  

New Delhi: The Supreme Court on Monday issued notice to Anil Ambani on a plea by Ericsson India Pvt. Senior lawyer Harish Salve, appearing for Reliance Jio said, “Knowing the problems with prior dues and when giving physical guarantee, we can’t take the risk.” The court was responding to a contempt petition by RCom against the department of telecommunications claiming …

Dues settlement row: Reliance Communications says Ericsson attempting media trial, endangering interest of creditors
6 years ago

Dues settlement row: Reliance Communications says Ericsson attempting media trial, endangering interest of creditors

Firstpost  

RCom said it remains committed to clear dues of Ericsson from spectrum realisation. However, the approval for the same is pending with the government New Delhi: Debt-laden Reliance Communications Sunday accused Swedish telecom gear maker Ericsson, which is an operational unsecured creditor of the company, of attempting media trial and sensationalising the issue of dues recovery, saying it might put …

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio
6 years, 1 month ago

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio

Live Mint  

New Delhi: The Supreme Court on Friday cleared the sale of spectrum by Anil Ambani-controlled Reliance Communications Ltd to elder brother Mukesh Ambani’s Reliance Jio Infocomm Ltd on the condition that the seller furnishes ₹ 1,400 crore as corporate guarantee to the government within two days. The tribunal had also asked RCom to not sell a land parcel worth ₹ …

Supreme Court tells RCom to pay Ericsson dues by 15 December
6 years, 2 months ago

Supreme Court tells RCom to pay Ericsson dues by 15 December

Live Mint  

New Delhi: The Supreme Court on Tuesday gave Reliance Communications Ltd time till 15 December to clear the pending payment of ₹ 550 crore towards telecom equipment manufacturer Ericsson India Pvt. RCom moved the top court on 19th March, seeking a stay on the orders by the Bombay high court and the Mumbai bench of the National Company Law Tribunal, …

Reliance Communications agrees to sell Rs 25,000 cr assets by August end; to pay Ericsson Rs 550 crore
6 years, 5 months ago

Reliance Communications agrees to sell Rs 25,000 cr assets by August end; to pay Ericsson Rs 550 crore

India TV News  

Debt-ridden Reliance Communications is looking to complete the sale of its business assets worth Rs 25,000 crore by the end of this month and has also agreed to pay Rs 550 crore towards settlement to telecom gearmaker Ericsson by September-end. Reliance Communications in a regulatory filing said that it has "agreed to pay a settlement amount of Rs 550 crore …

RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT
6 years, 6 months ago

RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT

Live Mint  

New Delhi: Reliance Infratel Ltd and its offshore investor and minority shareholder HSBC Daisy Investments Ltd on Friday submitted to the National Company Law Appellate Tribunal their final consent terms with respect to their dispute over sale of tower and fibre assets by the telco to Reliance Jio Infocomm Ltd. This comes a month after Reliance Infratel, a unit of …

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