RCom against closing insolvency plea, Ericsson wants it withdrawn

The RCom-Ericsson spat continued in the Supreme Court with the Swedish company insisting it should be allowed to close insolvency proceedings initiated against RCom in the National Company Law Tribunal (NCLT) as it has already got its dues, but RCom resisted the move.

This prompted a top court bench led by Justice RF Nariman to issue notices to both sides, asking them to present their legal position on whether insolvency proceedings should go on or not against RCom in the NCLT by way of written submissions with a week each.

The bench, which also comprises Justice Vineet Saran, will then adjudicate on the legality of the case. RCom paid off Rs 580 crore in dues to Ericsson at the last moment, narrowly averting the possibility of its chairman Anil Ambani landing in jail.