SC Gives Deadline to Reliance Communications to Pay Ericsson
On Tuesday, the Supreme Court has given Reliance Communications time till December 15 to pay Swedish telecom equipment maker Ericsson its dues of Rs 550 crore, bringing relief to the Anil Ambani-owned telco.
By not ignoring the fact that RCom faced so many difficulties in their asset sale, Supreme Court gave an extension till December 15 to pay Ericsson. However, the operator will have to pay Ericsson by then according to the senior counsel member Anil Kher, who along with senior counsel Dushyant Dave, represented Ericsson on Tuesday.
Supreme Court has also directed that RCom will have to pay Ericsson an additional payment, calculated at 12% per annum of the due amount for not being able to meet its earlier deadline.
On Tuesday, the Supreme Court was hearing a legal battle between Ericsson and RCom over non-payment of Rs 550 crore by September 30, the stipulated period. RCom had filed for a 60-day extension to the deadline both in the Supreme Court and the National Company Law Appellate Tribunal, which had overseen the settlement between the telco and Ericsson.