A bench of Justices R F Nariman and Vineet Saran on February 13 reserved its judgement when Ericsson India had alleged that the Reliance Group has money to invest in the Rafale jet deal but they were unable to clear its ₹550-crore dues, a charge which was vehemently denied by the Anil Ambani-led company.
Ambani told the top court that with the failure of its assets sale deal with elder brother Mukesh Ambani-led Reliance Jio his company has entered insolvency proceedings and is not in control of the funds.
Reliance Communications (RCom) had told the court they had tried to move "heaven and earth" to ensure Ericsson gets its due but was unable to do so due to failure of assets sale deal with Jio.
The contempt plea has been filed against Ambani, Reliance Telecom chairman Satish Seth, Reliance Infratel chairperson Chhaya Virani and SBI chairman.
The court on October 23 asked RCom to clear the dues by December 15, 2018, saying delayed payment would attract an interest of 12 per cent per annum.
The plea by Ericsson had sought that the court direct Ambani and the lenders forum to hand over the ₹550 crore with interest from sale proceeds as per the October 23 order.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in Bombay High Court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.