SC grants RCOM permission to sell some of its assets

6 Apr 2018

India’s Supreme Court has granted beleaguered former mobile operator Reliance Communications (RCOM) some relief by allowing the provider to sell off some of its assets to Reliance Jio Infocomm (Jio). The Economic Times reports that the apex court granted RCOM permission to sell its spectrum, real estate and switching nodes, overruling a previous decision. In its ruling, however, the SC did not lift a stay imposed by the National Company Law Tribunal (NCLT) on the transfer of RCOM’s tower and fibre infrastructure, and RCOM must go through the National Company Law Appellate Tribunal (NCLAT) to remove the restriction. As previously reported by TeleGeography’s CommsUpdate, RCOM’s attempts to pair its debt by offloading the bulk of its assets were derailed by legal challenges from its various creditors concerned that they would be unable to recover their funds from the company.

India, Reliance Communications (RCOM), Reliance Jio Infocomm (Jio)