Paytm among 24 creditors that moved court to recover dues from Anil Ambani firms RCom, Reliance Telecom

As many as 24 operational creditors, including Paytm’s parent company One 97Communications, moved National Company Law Tribunal (NCLT) against Anil Ambani firms Reliance Communications and Reliance Telecom for recovery of their dues, an analysis of tribunal records by The Indian Express showed.

Of the 24, while 11 disputes have been settled or at different stages of settlement, 13 creditors are yet to see any resolution. The creditors moved NCLT against the Anil Ambani firms under section 9 of the Insolvency and Bankruptcy Code (IBC) over a period of time claiming between a few lakhs to crores.

As per the national daily, some of the firms that moved NCLT were: One 97Communications, logistics firm GATI Ltd, Ascend Telecom Infrastructure Pvt.Ltd, Bangalore International Airport Ltd, Handygo Technologies Pvt Ltd, communications firm Laqshya Media Ltd, Wallop Advertising Pvt. Ltd, Evolve Digital Solutions Pvt Ltd, Enhance Software Solution Pvt Ltd, Syscom Corporation Ltd, Xportsoft Technologies, Navya Industries Pvt Ltd and Abhitech Energycon Ltd.

Last year, RCom was forced to undergo strategic debt restructuring (SDR) over unpaid dues of Rs 45,000 crore. RCom, as part of the debt-restructuring process, entered a deal with Mukesh Ambani-owned Reliance Jio for sale of its wireless spectrum, tower, fibre and media convergence nodes assets.

As per PTI, the company has completed the sale of optical fibre assets worth Rs 3,000 crore and sale of its media convergence nodes worth Rs 2,000 crore.

RCom was recently granted an extension of the deadline for settling dues of Ericsson. RCom had reached a settlement with Ericsson for payment of Rs 550 crore against the dues of Rs 1,500 crore but failed to do so by the September 30 deadline.

Following this, Ericsson filed a contempt of court plea, while RCom filed an extension of deadline plea. The top court extended the deadline till December 15 for repaying dues of Ericsson.