Supreme Court lift a ban on sale of assets permission to RCom

Vastavam web: India’s top court on Thursday deferred a decision to lift a ban on the sale of assets by embattled telecoms firm Reliance Communications Ltd (RCom), saying it will hear the case again in two weeks.The Supreme Court ruling marks a setback for RCom, which is trying to reduce its debt load of $6.8 billion as of last March. The company in December agreed to sell most of its wireless assets to Reliance Jio Infocomm Ltd and had been expecting to close the deal by March.

The company said in a statement to stock exchanges it was confident its asset sale programme would be “completed expeditiously” … “much in advance” of an end-August deadline set by the central bank for resolution of large stressed loan accounts.The tribunal had halted RCom from selling any asset without its permission following a legal challenge from Swedish telecoms gearmaker Ericsson.