Reliance Communications withdraws plea against NCLT order

NEW DELHI: Anil Ambani-led Reliance Communications (RCom) on Tuesday withdrew its petition challenging a National Company Law Tribunal (NCLT) order that allowed insolvency resolution process against the company. The debt-laden telecom firm had on February 1 decided to file for insolvency. The National Company Law Appellate Tribunal permitted a plea by RCom to readmit insolvency proceedings under the Insolvency and Bankruptcy Code.

“We allow the appellant (RCom) to withdraw the appeal. The interim order on stay of insolvency proceedings stands vacated,” said a twojudge bench led by Justice SJ Mukhopadhaya Swedish telecom equipment manufacturer Ericsson, which received its dues of `550 crore from RCom following a Supreme Court order, had opposed the move by RCom.