April 6 (Reuters) - Reliance Communications Ltd (RCom) said on Friday it received the National Company Law Appellate Tribunal’s (NCLAT) approval to proceed with the sale of its tower and fibre business.
The National Company Law Tribunal had prevented RCom from selling any asset without its permission, following a legal challenge from Swedish telecoms gear maker Ericsson, seeking payment of unpaid dues of 11.55 billion rupees ($177.7 million) by RCom and two of its units.
Proceeds of the sale will be deposited with state-run State Bank of India in an escrow account, RCom said in a statement. here
India’s Supreme Court on Thursday lifted a high court stay on sale of some of the debt-laden company’s assets including spectrum and real estate, allowing its secured lenders to proceed with the sale. (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri)