adithya
Core Member
Tech Mahindra Ltd, one of India’s leading software services firms, has dragged three Reliance Anil Dhirubhai Ambani Group (ADAG) firms to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code 2016 (IBC) to recover its dues, said sources familiar with the development.
According to sources, Tech Mahindra’s petition, filed on September 26, pertains to non-payment of dues by Reliance Communications Ltd (RCom), Reliance Big TV Ltd and Reliance Telecom Ltd since July 2017. Tech Mahindra and the three ADAG firms had signed a two-year service agreement in 2015. Under this deal, RCom, Reliance Big TV and Reliance Telecom had to pay close to Rs 8 crore to Tech Mahindra by July 2017.
On Thursday, the plea came up for hearing at the NCLT. The tribunal has directed Tech Mahindra’s lawyer, Abhishek Adke to serve notices to the three ADAG firms for the next date of hearing. The tribunal will now hear the case on October 9.
The official spokesperson of RCom declined comment citing that the matter is subjudice.
Last month, Ericsson India filed insolvency petitions against RCom, Reliance Infratel and Reliance Telecom. Ericsson is an operational creditor to RCom, which together with its subsidiaries owes the telecom equipment vendor Rs 1,156 crore. Erricson India’s case will come up for hearing at the NCLT on Friday.
On October 1, RCom called off its proposed merger with Aircel. While the merger would have enabled the company to reduce its debt through the strategic debt restructuring (SDR) mechanism initiated by lenders, RCom has said its board is considering alternate debt reduction plans including optimisation of its spectrum portfolio. RCom said that legal and regulatory uncertainties and various interventions by vested interests have caused inordinate delays in receipt of relevant approvals for the proposed transaction.
RCom and Aircel had signed binding agreements in September 2016 for the merger which would have created an entity with assets worth Rs 65,000 crore. RCom and Maxis Communications Berhad (MCB) would have held 50 per cent each in the merged entity with equal representation on the board and committees. The transaction would have reduced RCom’s debt by Rs 20,000 crore, while Aircel’s debt would have gone down by Rs 4,000 crore on closing in 2017, the two companies had said.
In June this year, debt-laden RCom received a breather as lenders agreed to a debt restructuring plan under which RCom got a ‘standstill’ period of seven months till December 2017 to sell assets and repay debt worth Rs 45,000 crore.
Tech Mahindra files insolvency petitions against 3 Reliance ADAG firms | The Indian Express
According to sources, Tech Mahindra’s petition, filed on September 26, pertains to non-payment of dues by Reliance Communications Ltd (RCom), Reliance Big TV Ltd and Reliance Telecom Ltd since July 2017. Tech Mahindra and the three ADAG firms had signed a two-year service agreement in 2015. Under this deal, RCom, Reliance Big TV and Reliance Telecom had to pay close to Rs 8 crore to Tech Mahindra by July 2017.
On Thursday, the plea came up for hearing at the NCLT. The tribunal has directed Tech Mahindra’s lawyer, Abhishek Adke to serve notices to the three ADAG firms for the next date of hearing. The tribunal will now hear the case on October 9.
The official spokesperson of RCom declined comment citing that the matter is subjudice.
Last month, Ericsson India filed insolvency petitions against RCom, Reliance Infratel and Reliance Telecom. Ericsson is an operational creditor to RCom, which together with its subsidiaries owes the telecom equipment vendor Rs 1,156 crore. Erricson India’s case will come up for hearing at the NCLT on Friday.
On October 1, RCom called off its proposed merger with Aircel. While the merger would have enabled the company to reduce its debt through the strategic debt restructuring (SDR) mechanism initiated by lenders, RCom has said its board is considering alternate debt reduction plans including optimisation of its spectrum portfolio. RCom said that legal and regulatory uncertainties and various interventions by vested interests have caused inordinate delays in receipt of relevant approvals for the proposed transaction.
RCom and Aircel had signed binding agreements in September 2016 for the merger which would have created an entity with assets worth Rs 65,000 crore. RCom and Maxis Communications Berhad (MCB) would have held 50 per cent each in the merged entity with equal representation on the board and committees. The transaction would have reduced RCom’s debt by Rs 20,000 crore, while Aircel’s debt would have gone down by Rs 4,000 crore on closing in 2017, the two companies had said.
In June this year, debt-laden RCom received a breather as lenders agreed to a debt restructuring plan under which RCom got a ‘standstill’ period of seven months till December 2017 to sell assets and repay debt worth Rs 45,000 crore.
Tech Mahindra files insolvency petitions against 3 Reliance ADAG firms | The Indian Express