NEW DELHI: Debt-ridden telecom major Reliance Communications on Saturday stated that IT services major Tech Mahindra has filed insolvency petitions against the company and its two subsidiaries for recovering dues. According to RCom’s statement, the nature of the dispute pertains to quality of service and amounts billed. RCom added that the petitions were “misconceived, premature and motivated by extraneous considerations”.
“We wish to inform you that Tech Mahindra Ltd, a vendor for call centre services, has filed petitions, as an unsecured operational creditor under IBC (Insolvency and Bankruptcy Code against the company, Reliance Telecom and Reliance Big TV, subsidiaries of the company for certain bills submitted by them for services allegedly rendered,” the Anil Ambani company said. “We submit that the petitions are misconceived, premature and motivated by extraneous considerations,” it added.
The statement went on to note that the aggregate amount of Tech Mahindra’s claim against all the three companies worked out to `8.20 crore, but that “the claim amount is not considered material by respective companies concerned”.The telecom firm is currently reeling under a mammoth debt burden of close to Rs 46,000 crore and had recently called off merger talks with Aircel, citing “legal and regulatory” delays.
RCom’s Rs 11,000 crore tower deal with Brookfield is also being reworked following termination of wireless merger talks with Aircel. An Aircel tenancy would have been a sweetener for Brookfield, but the recent collapse of merger talks has reportedly prompted a renegotiation on the contours of the deal.