After Ericsson, Tech Mahindra files cases against RCom
06 Oct 2017
Tech Mahindra Ltd has filed three cases against Reliance Communications Ltd (RCom) and two of its subsidiaries, Reliance Telecom Ltd and Reliance Big TV Ltd, in the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC), Mint reported.
Tech Mahindra joins Ericsson India Pvt Ltd, another operational creditor of RCom, to approach the tribunal demanding its dues from the beleaguered telecom firm of the Anil Dhirubhai Ambani Group (ADAG). The cases will be heard on 9 October.
According to a copy of the petitions viewed by Mint, Reliance Communications owes Rs3.6 crore and Reliance Telecom owes Rs3 crore to Tech Mahindra. Reliance Big TV owes Rs1.5 crore to the IT firm. The cases were filed on 26 September.
''Tech Mahindra has filed these cases in its capacity as the operational creditor of RCom and its subsidiaries. The liabilities mentioned in the petition arise out of the service agreements between Tech Mahindra and the Reliance firms involved,'' a person with knowledge of the matter told Mint.
Tech Mahindra declined to comment stating that the company has entered the silent period ahead of quarterly results announcements. A spokesperson for RCom also declined to comment.
Apart from Tech Mahindra, the Indian unit of Sweden's Ericsson has also filed cases against RCom and two of its subsidiaries, Reliance Infratel Ltd and Reliance Telecom Ltd. The petitions are yet to be admitted and the matter will be heard on 6 October.
RCom is trying to pare its debt pile of over Rs45,000 crore. The firm had announced its plans to cut debt by 60 per cent in June this year through its merger with Aircel Ltd and stake sale in its tower business to Canada's Brookfield Infrastructure.
In June, rating agency Fitch downgraded the long-term foreign- and local-currency ratings of RCom to ''CCC'' from ''B-plus''. CCC rating indicates that ''default is a real possibility'', the Fitch website shows.
(Also see: Tower firms start switching off RCom over unpaid dues)
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