The Supreme Court today approved the settlement arrived at between Reliance CommunicationsNSE 5.74 % Ltd (RCom) and Ericsson India Pvt Ltd over a payment dispute and asked the Anil Ambani-led firm to pay Rs 550 crore to the company by September 30. Ericsson India Pvt Ltd, which had signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecom network, had alleged that it had not been paid the dues.
A bench comprising Justices R F Nariman and Indu Malhotra perused the May 30 interim order of the National Company Law Appellate Tribunal (NCLAT) and noted that Ericsson India Pvt Ltd was willing to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore which was to be paid by RCom within 120 days.
On May 30, the NCLAT had stayed bankruptcy proceedings against RCom after the firm had agreed to pay Rs 550 crore to Ericsson to settle the payment dispute.
"We are of the view that this timeline shall be strictly adhered to and payment of Rs 550 crores be made on or before September 30, 2018," the apex court said in its order.
The bench asked the chairman of RCom to give an undertaking in this regard within a week.
The top court also noted in its order that lawyers appearing for the joint lenders forum and Ericsson India Pvt Ltd have agreed to it.
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