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.
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