Reliance Communications payments case: NCLT tells Ericsson to file bank certificate
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The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday asked Ericsson India, the telecom equipment vendor of Reliance Communications (RCom), to file a bank certificate in relation to the payment details from RCom within 10 days. The case will be heard on November 23. The NCLT is hearing an insolvency petition filed by Ericsson as an operational creditor against RCom, Reliance Infratel and Reliance Telecom. RCom and its subsidiaries owe the telecom equipment vendor Rs 1,156 crore, which, Ericson’s lawyers said, remains unpaid despite issuance of post-dated cheques.
The certificate is to be issued by the bank in which the operational creditor has been maintaining its accounts, confirming that there was no repayment by the corporate debtor. Anil K Kher, representing Ericsson India, said the company has filed a bank statement giving details of the transactions between Ericsson India and RCom. The NCLT, however, pressed that according to the Insolvency & Bankruptcy Code, a bank certificate will have to be filed.
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