Ericsson case: Supreme Court to hear RCom plea on Wednesday

The Supreme Court will hear on Thursday Reliance Communications’ plea seeking permission to withdraw its appeal against initiation of insolvency proceedings by Ericsson India last year. A Bench led by Justice RF Nariman will also hear on Thursday another application by Ericsson which also wants to end the insolvency proceedings it had initiated against RCom and its two group firms – Reliance Infratel and Reliance Telecom – last year as the beleaguered telecom company had paid Rs 550 crore to Ericsson as per the apex court’s orders.

Ericsson, in its application, stated that it has received the settled payment of Rs 579.74 crore “with up to date interest for the same (excluding TDS Certificates under Income Tax Act, 1961 for an amount of Rs 2.9744 crore).”