RCom-Ericsson case: NCLAT declines to direct SBI to release ₹259 crore

Just days ahead of the expiry of the Supreme Court deadline to Anil Ambani to clear RCom’s dues to Ericsson, the NCLAT on Friday refused to direct State Bank of India to release ₹ 259 crore in income-tax refunds to make such a payment, saying it does not have the jurisdiction to do so.

The apex court has asked the RCom group to pay ₹ 453 crore in four weeks, by March 19, failing which Ambani will have to go to jail.

“… in an appeal filed under Section 61 of the ‘I&B Code’ (the Insolvency and Bankruptcy Code), no direction can be given to any party to the settlement (particularly the third party) to perform certain duties to ensure settlement between other parties,” the NCLAT bench of Chairman Justice SJ Mukhopadhyaya and member (Judicial) Justice Bansi Lal Bhat said.