RCom SEEKS EXTENSION OF 60 DAYS

New Delhi, Oct. 2: RCom on Tuesday said it has sought another 60 days for repayment of ` 550 crore to unsecured creditor Ericsson, as its spectrum sale could not be completed due to factors beyond its control.

“Ericsson India Pvt Ltd (‘ Ericsson’), an unsecured creditor of RCom, is understood to have filed a Contempt Petition on October 1, 2018 in the Supreme Court in relation to the settlement amount of ` 550 crore to be paid by RCom. This filing is unwarranted,” RCom informed BSE.

RCom maintained it filed an application on September 28 in the apex court seeking extension for making payment to Ericsson, by 60 days. That matter is slated to be heard on October 4, it pointed out.

“The extension has been sought purely due to the fact that, as approved by 38 secured lenders, and as per RCom’s undertaking, Ericsson is to be paid from the sales proceeds of spectrum being traded by RCom, and such sale could not be completed as yet owing to factors beyond the control of RCom,” it stated. — PTI