NCLAT recalls order that allowed sale of RInfra

 The National Company Law Appellate Tribunal (NCLAT) on Wednesday recalled its order which allowed debt-ridden Reliance Communications to go ahead with the sale of its tower and fibre assets.
The NCLAT had prevented RCom from selling any asset without its permission (File Photo | Reuters)
The NCLAT had prevented RCom from selling any asset without its permission (File Photo | Reuters)

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Wednesday recalled its order which allowed debt-ridden Reliance Communications to go ahead with the sale of its tower and fibre assets.The tribunal would start its hearing on the plea of Reliance Infratel (RCom’s subsidiary that runs the tower and fibre businesses) from April 23 over sale of its businesses. NCLAT had on April 6 partially allowed sale of the businesses, which was challenged by minority stakeholder HSBC Daisy Investments (Mauritius) Ltd. The tribunal reportedly recalled its order since the Supreme Court on Monday had stayed the sale of assets.

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