Business

HC dismisses RCom’s appeal

Against arbitration order on sale of assets

The court threw out three appeals from Rcom and its two companies.

The Bombay High Court has dismissed Reliance Communications Ltd’s (RCom) plea against an arbitration court order that barred the telecom operator from selling or transferring its assets without the tribunal’s permission.

The company intends to file an appeal against the interim order of the court, an RCom spokesman said in an emailed statement.

The court threw out three appeals from Rcom and its two companies,reported earlier.

Debt-laden Rcom had appealed against the interim order in a case filed by Ericsson seeking payment of unpaid dues.

“The claims of secured financial lenders stand higher in priority as compared to Ericsson, which is an unsecured operational vendor. Further, the sale of assets is being undertaken in pursuance of the decisions of the secured financial lenders,” the spokesman said.

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