60 days deadline wants Rcom
The Supreme Court has asked the Supreme Court to extend the time limit of 60 days for Rcom to pay Rs.550 crore to resolve the dispute with the Swedish telecom company Ericsson. Rcom filed a plea for another 60 days to pay the bills of the sale of spectrum for fund raising. It is going to be investigated on the 4th of this month, according to the Rcom Stock Exchange filing. The statement was filed on August 7 to the Telecommunication Division seeking permission for spectrum sale. Ericsson India Ltd has approached the Supreme Court a few days ago to fail to pay a Rs.550 crore deadline to pay.
Rcom Company has signed a contract with Ericsson for its network of seven years in the country. Due to financial conditions, the company did not pay dues since 2016. In September last year, Ericsson joined the National Company Law Authority Tribunal (NCCL). Ericsson’s spokesperson said before the court that the arrears arising from ARCAM were up to Rs 1,900 crore. However, Rcom told the court that it would settle the dispute by paying only Rs.550 crore. Ericsson has to pay Rs.550 crore as of September 30, according to the old settlement.