AN Indian appellate tribunal ruling may force Ericsson to return £60.42 million that RCom paid in dues and interest to the Swedish telecommunication equipment producer recently.
The latest development has come after the National Company Law Appellate Tribunal (NCLAT) canceled a stay on the insolvency proceedings against Indian business tycoon Anil Ambani’s debt-ridden Reliance Communications (RCom), Indian daily The Economic Times reported.
Last year, the Swedish firm dragged RCom to India’s bankruptcy court, National Company Law Tribunal (NCLT) over unpaid dues from an agreement it had signed in 2014 to deliver and operate RCom’s network.
The NCLT proceedings were stopped after both sides negotiated an out of court settlement.
The NCLAT last month said Swedish firm would have to refund that sum back to the Indian company if insolvency proceedings against the Anil Ambani owned firm start, the Economic Times reported.
RCom will return to the insolvency process at the NCLT in Mumbai, according to the latest tribunal ruling.
