Reliance Communications

The lead creditor of bankrupt operator Reliance Communications (RCom) approved an insolvency resolution plan which will likely include the sale of assets to Reliance Jio among a range of other measures, The Economic Times (ET) reported.

Reliance Communications (RCom), which exited the Indian mobile market in 2017, received bids totalling INR250 billion ($3. 5 billion) for its defunct mobile operation during a meeting of its creditors.

Bharti Airtel accused creditors charged with selling-off assets from bankrupt rival Reliance Communications (RCom) of being extremely unfair and biased as it withdrew a bid to acquire spectrum from the defunct operator, Business Standard reported.

A tribunal instructed Reliance Communications (RCom) to pay Bharti Infratel INR392 million ($5. 7 million) for pulling out of infrastructure sharing agreements with the tower company, The Economic Times (ET) reported.

Reliance Communications (RCom) settled its row with Ericsson, paying INR4. 6 billion ($67. 4 million) covering service charges to the Swedish vendor following a drawn-out court battle.

The Department of Telecommunications (DoT) threatened to recover Reliance Communications’ (RCom) outstanding spectrum dues by collecting part of the bank guarantee it holds, The Economic Times (ET) reported.

Anil Ambani, Reliance Communications (RCom) chairman (pictured), could face a jail term after the Supreme Court of India found him guilty of wilfully failing to pay INR5. 5 billion ($77. 3 million) to Ericsson in service charges.