Supreme Court orders status quo in RCom's asset sale to Reliance Jio

medhaj news 22 Mar 18 , 06:01:38 India
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The Supreme Court today ordered that status quo be maintained on Reliance Communication's sale of assets to R-Jio on pleas by a consortium of banks.The apex court bench, comprising Justices A K Goel, R F Nariman and U U Lalit, refused to lift the stay ordered by Bombay High Court on R-Com asset sale.The top court will hear pleas from the consortium of banks and RCom against stay of assets sale by HC on April 5.The State Bank of India had yesterday moved the apex court challenging a tribunal's order, which was upheld by the Bombay High Court, allowing Ericsson to stake a claim on RCom Consolidated's assets.Apart from SBI, 24 other Indian lenders constitute the Joint Lenders Fora, including BoB, BoI, Canara Bank, Central Bank of India, PNB, IDBI Bank, UCO Bank, IOB, Dena Bank, Corporation Bank, Union Bank, United Bank, LIC and Barclays Bank.They had initiated sale through a bidding of RCom Consolidated's assets. Reliance Jio Infocomm (Jio) had agreed to buy spectrum, cell towers and other infrastructure, including 1.78 lakh km of fibre optics line, of distressed RCom Consolidated for Rs 17,300 crore.

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