Centre moves SC seeking Rs 2,940 crore RCom bank guarantee over spectrum

Centre moves SC seeking Rs 2,940 crore RCom bank guarantee over spectrum

The Supreme Court has agreed to hear a plea by the government for Rs 2,940 crore bank guarantee from Anil AMbanil led Reliance Communication (RCom) arising from outstanding spectrum dues. (RCom), however, through its counsel Kapil Sibal, said the company was not in a position to make the payment. On 1 October, the telecom tribunal had permitted the debt laden RCom to go ahead with its spectrum sale to Mukesh Ambani’s Reliance Jio. In December 2017, as a part of its debt resolution plan, RCom had struck a Rs 25,000 crore deal with Reliance Jio for the sale of its assets mortgaged with different banks, to avoid insolvency proceedings.

Read More at Livemint News date : 26 Nov 2018, Monday

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