RJIL in April 2016 entered into a pact to share a part of the spectrum held by RCom and its unit Reliance Telecom Ltd (RTL).
Spectrum is government property, not private, and anyone using it is liable to pay the dues, the apex court said.
It started with memes, as it mostly does. Netizens often express their uneasiness with a humorous image, video or text, and sometimes a combination of all.
This is the highest-ever recovery of dues by financial creditors in the telecom sector which has seen the exit or shut down of 11 out of 12 telcos since 2012.
Sources said that a committee of RCom creditors on March 4 unanimously approved the insolvency resolution plan to settle unpaid debt of RCom, Reliance Telecom and Reliance Infratel.
UV Asset Reconstruction Company is believed to have placed bid of around Rs 14,700 crore, while Reliance Jio has made an offer of Rs 4,700 crore for tower and fibre assets of Reliance Infratel Ltd.
RCom has put all of its assets for sale which include spectrum holding of 122 MHz, towers business, optical fibre network and data centres.
Reliance Communications had close to Rs 45,000 crore debt on its books in October 2017, he had said. The RCOM stock rose sharply on announcment, closing at 30 per cent high at Rs 21.33.
The move is aimed at reducing debt and benefiting all stakeholders, including lenders and shareholders, of RCom.
Lenders of debt-ridden Reliance Communications have approved the sale of its real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield.
RCom today presented a fresh plan to recast its Rs 45,000 crore debt to lenders that includes converting Rs 7,000 crore of debt into equity by banks and handing over majority stake to them.
The firm will sell telecom tower and real estate businesses to pay off Rs 27,000 crore out of Rs 45,000 crore of debt on its book.
Legal and regulatory uncertainties, and various interventions by vested interests, have caused inordinate delays in receipt of relevant approvals after the September 2016 binding agreement.
Blaming legal and regulatory uncertainties, RCom admitted that the merger agreements had “lapsed with mutual consent”.
Telecom company Reliance Communications today posted a consolidated loss of Rs 1,210 crore in the three-month period ended June 30, 2017, the third straight quarter loss for the debt-laden firm.