NCLAT reserves an admission order for a contempt suit filed against Anil Ambani, other officials

New Delhi, July 3 () On Wednesday, the National Societies Law Appeal Court (NCLAT) reserved its order on the admission of a contempt suit filed against Reliance Group president, Anil Ambani. , and by other minority shareholders who claim that Reliance Infratel does not pay dues.

A two-member bank, headed by NCLAT chairman Judge SJ Mukhopadhaya, said it will decide whether the contempt petition filed by HSBC Daisy Investments (Mauritius) and others should be admitted as Reliance Communications (RCom) is in process of insolvency.

Reliance Infratel, against which the contempt petition has also been filed, is part of RCom.

The lawyer who filed for a professional resolution said that when RCom was going through an insolvency process and was under the moratorium period under the IBC, he can not pay money.

In May of this year, the Mumbai bank of the National Societies Law Court (NCLT) initiated RCom's corporate insolvency resolution process, which has a total bank debt of more than Rs 50,000 million.

HSBC Daisy had transferred to the appeals court for alleged breach of Rs 230 crore by Reliance Infratel and stated that the company has not fulfilled a commitment assumed by it.

According to the terms of consent of the agreement between Reliance Infratel, HSBC Daisy and others, registered by the NCLAT in its order of June 26, 2018, the signature of Anil Ambani had to pay the amount in the following six months. After the six-month period ended, HSBC Daisy and nine other minority shareholders with a 4.26 percent stake in Reliance Infratel filed the contempt declaration. RSN RKL HRS