Facing a three-month jail term for contempt of the Supreme Court’s orders to pay Ericsson, Anil Ambani paid off Ericsson with help from his elder brother Mukesh.
The DoT has already served a show-cause notice on RCom for defaulting on the Rs 21-crore spectrum payment.
With the SC holding three group companies in contempt and threatening Anil with jail, Mukesh threw him a lifeline just two days ahead of deadline.
The court’s comments come on the back of RCom’s request that Rs 260 crore of tax refunds held in a trust fund by lenders be released on behalf of the telco to pay Swedish telecom gear maker Ericsson.
Over time, the proposed new airport will also meet the spill over needs of Ahmedabad.
A bench headed by Justice Rohinton F Nariman ordered Ambani and the RCom companies to pay up Rs 453 crore with interest within four weeks.
Under this in-principle standstill understanding, these lenders will not enforce security and will not sell any of the promoters’ pledged shares till Sept.
Ericsson had accused Ambani and others of going back on the undertaking given to the court that they would pay Rs 550 crore to the Swedish telecom company.
On February 1, RCom’s board reviewed the progress of the company’s debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.
The process that began on Friday in Mumbai, once admitted by the Court could lead to RCom ending up into 270 days repay debt or liquidate period.