SC grants RCom time till 10 May to pay Rs774 crore towards spectrum dues
RCom had challenged two TDSAT orders rejecting additional time to pay Rs492.8 crore and Rs281.4 crore towards deferred spectrum liabilities
New Delhi: The Supreme Court on Friday gave Anil Ambani-led Reliance Communications Ltd (RCom) time until 10 May to pay Rs774 crore towards deferred spectrum liability.
RCom had approached the top court on 23 April, challenging two orders of the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) on 19 April rejecting additional time for payment of Rs492.8 crore and Rs281.4 crore with regard to deferred spectrum liabilities for spectrum acquired by it in 2015 and 2013, respectively.
The last dates for payment of the deferred spectrum liability of Rs281.4 crore and Rs492.8 crore were 5 April and 19 April, respectively.
Citing “unforeseen and uncalled for circumstances beyond their control”, RCom had urged the court to stay the order of the appellate tribunal.
RCom claimed that the appellate tribunal had failed to appreciate that rejecting additional time would hinder the debt restructuring being undertaken at the behest of its lenders and secured creditors.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
- Enact new law to enable public credit registry, says RBI’s Viral Acharya
- PNB fraud: CBI court grants bail to ex-MD Usha Ananthasubramanian
- RBI staff to go on mass leave on 4 and 5 September over pension issues
- Everybody to blame for NPAs, says SBI chairman Rajnish Kumar
- Emerging markets turmoil revives a dreaded old Opec ghost