RCom-Ericsson case: NCLAT declines to direct SBI to release Rs 259 crore

NEW DELHI: An appellate tribunal has refused to direct State Bank of India and other lenders to Reliance CommunicationsNSE -5.38 % to release Rs 260 cr of tax refunds, held in a trust fund, to pay the telco’s dues to Ericsson.

The order passed by National Company Law Appellate Tribunal (NCLAT) on Friday is a setback for RCom, which must pay the Swedish telecom gear maker its remaining dues of Rs 453 crore by Tuesday to ensure its chairman Anil Ambani doesn’t go to jail.