NCLAT dismisses contempt petition against Anil Ambani over RCom payment default

National Company Law Appellate Tribunal on Tuesday dismissed a contempt petition filed against Reliance Group Chairman Anil Ambani and or officials by mirity shareholders alleging n-payment of dues by Reliance Infratel.

A two-member bench headed by NCLAT Chairman Justice S J Mukhopadhaya, dismissed any contempt plea against Ambani and his officials.

"We have found that case has been made out for contempt," said NCLAT.

Earlier on July 3, NCLAT had reserved its order saying that it will decide wher contempt petition filed by HSBC Daisy Investments (Mauritius) and ors should be admitted as Reliance Communications (RCom) is going through insolvency proceedings.

Reliance Infratel, is a subsidiary of RCom, and is presently under corporate insolvency resolution process.

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HSBC Daisy had moved appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel.

As per consent terms of agreement among Reliance Infratel, HSBC Daisy and ors, recorded by NCLAT in its order dated June 26, 2018, Anil Ambani-owned firm was to pay amount in following six months.

After six-month period ended, HSBC Daisy and nine or mirity shareholders holding 4.26 per cent stake in Reliance Infratel filed contempt plea.

counsel appearing for resolution professional said that as RCom was going through insolvency proceedings and was under moratorium period under IBC, it cant pay money.

In May this year, Mumbai bench of National Company Law Tribunal (NCLT) started corporate insolvency resolution process of RCom, which has a total bank debt of over Rs 50,000 crore. 

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