May 29, 2018 / 7:07 AM / 3 months ago

India's bankruptcy appeal court defers RCom-Ericsson case hearing

NEW DELHI (Reuters) - India’s bankruptcy appeals court delayed a hearing of Reliance Communications’ (RCom) plea seeking to overturn insolvency proceedings against the company to Wednesday.

A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai, India, November 3, 2015. REUTERS/Shailesh Andrade/Files

The National Company Law Appellate Tribunal’s (NCLAT) move comes after local television stations reported that RCom had offered to pay 5 billion rupees to the Swedish telecom gear maker Ericsson, which had dragged the Indian telecom company into bankruptcy courts.

The NCLAT has given RCom time until Wednesday to reach a settlement with Ericsson, the CNBC TV18 and ET Now channels reported.

Spokespeople for RCom and Ericsson in India did not immediately respond to requests seeking comment.

Ericsson, which signed a seven-year deal in 2014 to operate and manage RCom’s nationwide telecoms network, is seeking 11.55 billion rupees ($170.22 million) from RCom and two of its units.

($1 = 67.8550 Indian rupees)

Reporting by Suchitra Mohanty and Sankalp Phartiyal; Editing by Euan Rocha

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