Supreme Court Orders Government To Refund Rs 104 Crore To RCom
Supreme Court has rejected the central government’s plea challenging TDSAT’s order directing refund of Rs 104 crore to RCom.
The Supreme Court on Tuesday rejected the central government’s plea challenging TDSAT's order directing refund of Rs 104 crore to Reliance Communications Ltd.
A bench of justices RF Nariman and S Ravindra Bhat said, "We don't find any merits in the appeal".
On Dec. 21, 2018, the Telecom Disputes Settlement and Appellate Tribunal directed the Centre to return around Rs 104 crore after encashing bank guarantee of Rs 908 crore against spectrum charges of Rs 774 crore. The Department of Telecom has already adjusted Rs 30.33 crore.
RCom's Committee Of Creditors To Meet On Wednesday
RCom’s committee of creditors will hold a meeting on Wednesday, the company said in a regulatory filing on Tuesday.
"We wish to inform you that the 16th meeting of committee of creditors of Reliance Communications (RCom) is scheduled to be convened on Wednesday, January 8, 2020," RCom said in a filing to the Bombay Stock Exchange.
RCom is undergoing corporate insolvency resolution process under the supervision of the Mumbai-bench of National Company Law Tribunal. The company's secured debt is estimated to be around Rs 33,000 crore. Lenders submitted claims of about Rs 49,000 crore in August 2019.
Also Read: Reliance Communications to Lose Cable Unit in Setback for Revamp
RCom has put all of its assets for sale, including 122 MHz of spectrum, its telecom towers business, optical fibre network and data centres.