Creditors oppose RCom’s plea on using IT refunds

Company wanted to use the money to pay off Ericsson

Financial creditors of the debt- ridden Reliance Communications on Wednesday opposed its plea to release the income- tax refunds to clear dues of Ericsson before the National Company Law Appellate Tribunal (NCLAT).

The NCLAT was hearing a plea from RCom, which has approached the appellate tribunal seeking waiver of the moratorium placed by it on February 4.

A two-member bench of the NCLAT headed by Justice S J Mukhopadhaya has directed the financial creditors of the company, including the State Bank of India, to file their reply on the issue by March 8.