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India's RCom, units file plea to stop insolvency proceedings

Anil Ambani-owned Reliance Communications Ltd. and its subsidiaries have filed petitions in an appellate tribunal to stop insolvency proceedings against them following a petition from Swedish telecom giant Ericsson, The Economic Times of India reported.

The Indian National Company Law Tribunal admitted three pleas by Ericsson to haul RCom into bankruptcy and insolvency processes to recover pending dues.

RCom, Reliance Infratel and Reliance Telecom have now reportedly urged the tribunal to set aside its insolvency order, arguing that Ericsson was an operational creditor. The appeal was made to the National Company law Appellate Tribunal, which hears appeals against orders passed by the National Company Law Tribunal.

RCom offered to settle differences with Ericsson and confirmed it is in advanced stages of discussions with the company to resolve the commercial issues that will enable RCom to exit the tribunal process.

The company further said it was confident of moving ahead with a monetization plan with Reliance Jio and a resolution plan with lenders. RCom reportedly owes nearly 10 billion Indian rupees to Ericsson. The troubled telco wanted to sell its wireless assets to Mukesh Ambani's Reliance Jio to trim its debt.

As of May 21, US$1 is equivalent to 68.12 Indian rupees.