NCLAT recalls order that allowed Reliance Communications to go forward with sale of Reliance Infra biz

The National Company Law Appellate Tribunal (NCLAT) today recalled its previous order which allowed debt-ridden Reliance Communications to proceed with the sale of its tower and fibre assets. The sale of these businesses form an important part of the overall Rs 25,000 crore asset monetisation blueprint of the troubled company.

The appellate 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. "In view of the order passed by the Supreme Court, dated April 16, 2018...Interim order dated April 6, 2018 is recalled," said NCLAT bench headed by Justice S J Mukhopadhaya.

NCLAT had on April 6 partially allowed sale of the businesses, which was challenged by HSBC Daisy Investments (Mauritius) Ltd.

The apex court on April 16 stayed the order allowing the sale. In December 2017, Mukesh Ambani-led Reliance Jio had struck a mega deal to acquire mobile business assets including spectrum, mobile towers and optical fibre network of RCom, owned by his younger brother Anil Ambani.