Ericsson, the Swedish telecom equipment manufacturer has filed its contempt petition for the second time in Supreme Court against Anil Ambani, the Chairman of Reliance Communications. RCom has due payment of 550 Cr INR to the Swedish company.
On the other hand, Reliance Communications have also filed a complaint against Department of Telecommunications or DoT in the apex court. It claims that if DoT would approve spectrum sale, RCom would have cleared its dues to Ericsson along with other lenders.
According to the demand of the Swedish company, Anil Ambani should not be allowed to travel outside the country. The company also demanded Ambani’s imprisonment until the dues are cleared.
As per the statement made by the advocate of Ericsson, RCom has not complied with the order of the Supreme Court. Therefore, the company has filed the application once more. the advocate added that if the court finds Ambani guilty, he will be imprisoned up to 6 months.
Ericsson demanded a stay order on the sale of the assets of RCom and it has also demanded from the court to ask the lenders of Reliance Communications to pay the uncleared amount.
The National Company Law Tribunal or NCLT had already applied for insolvency against Reliance Communications. However, the telecom company was able to ward off with the help of asset monetization. Thus, the company reduced its debt of 46,000 Cr INR to 18,000 Cr INR.
RCom has missed the payment of September to Ericsson. As the Swedish company filed a petition, SC ordered the telecom company to clear its due within 15th December. The company failed this time as well. However, Reliance Communications blames DoT for the delay of the payment saying that the Department of Telecommunications has not given a no-objection certificate required for spectrum sale.