National Company Law Appellate Tribunal reserves its order on petition by Reliance Communications.

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The National Company Law Appellate Tribunal has reserved its order on a petition by Reliance Communications which has approached the tribunal seeking the release of income tax refunds to clear dues of Ericsson.

Lenders of RCom opposed the plea, saying that it will lead to outgo of public money for settling payment of a private party. After hearing both the sides yesterday, the Tribunal bench headed by Chairperson S J Mukhopadhaya reserved the order in the case.

The tribunal was hearing the petition of RCom to release of more than 259 crore rupees received from the Income Tax refund held with the State Bank of India. RCom has been asked by both the Supreme Court and the NCLAT to pay 550 crore rupees to Ericsson. The Supreme Court had ordered RCom to pay Ericsson by March 19.

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