BSNL seeks to recover Rs 700 crore from RCom, to approach NCLT

'BSNL has already invoked a bank guarantee of around Rs 100 crore submitted by RCom for default on payments.'

Published: 21st March 2019 11:05 AM  |   Last Updated: 21st March 2019 11:05 AM   |  A+A-


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By Express News Service

BSNL is set to approach the National Company Law Tribunal soon in order to recover around Rs 700 crore in dues from bankrupt Reliance Communications (RCom), according to reports.

“BSNL has already invoked a bank guarantee of around Rs 100 crore submitted by RCom for default on payments. Decision was taken on January 4 by BSNL Chairman and Managing Director Anupam Shrivastava to start legal proceedings against RCom for recovery of dues of around Rs 700 crore,” news agency PTI reported sources as saying.

RCom had earlier this year approached the National Company Law Appellate Tribunal (NCLAT) stating that it wants to voluntarily take up the insolvency process, since it would help monetise its assets. It had also sought a direction from the top tribunal to 37 lenders led by SBI to release Rs 260 crore directly to Ericsson. However, the courts ruled in favour of the lenders and RCom chairman Anil Ambani had to cough up the money to prevent ending up in jail.

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