Ericsson moves Supreme Court against returning Rs 580 crore to Anil Ambani’s RCom

Swedish telecom network company Ericsson has moved the Supreme Court against potentially having to return Rs 580 crore to Reliance Communications according to an NCLAT observation if the Anil Ambani-led firm resumes insolvency proceedings. The Supreme Court will hear Ericsson’s plea in July this year, CNBC TV18 reported.

Ericsson had received the sum of Rs 580 crore from RCom as a Supreme Court-monitored settlement, pending insolvency proceedings on RCom in NCLT (National Company Law Tribunal, Mumbai). RCom’s last-minute payment to Ericsson saved chairman Anil Ambani from going to jail.

The insolvency proceedings upon RCom initiated by Ericsson in May 2018 were put on stay, with RCom promising to pay Rs 550 crore to Ericsson. Now that RCom has decided to vacate its stay application and resume insolvency proceedings, the NCLAT (National Company Tribunal of Law Appellate) said that Ericsson may have to return the money in this case.