Ericsson To Move SC To Seek Seizure Of Anil Ambani’s Assets

Ericsson is set to file an application in the Supreme Court, pleading that all personal assets of Reliance Communications chairman Anil Ambani be seized for breaching the top court’s order to repay the Swedish telecom equipment maker its dues.

Ericsson has chalked out its options to ensure it gets its settlement amount of Rs 550 crore, people aware of the developments said. ‘Petitioning to freeze personal assets of Anil Ambani is one of them,’ reports.

RCom had said it plans to move the National Company Law Tribunal (NCLT) for bankruptcy protection, conceding that it had failed to complete its spectrum sale to Jio due to the telecom department’s refusal to clear it and the matter being dragged to various courts.

The company said it expects this move to help it sell assets, repay lenders and pare its Rs 42,000-crore debt within 270 days, having been unable to do so in the past year and a half

Ericsson and DoT are both operational creditors of RCom.―Greater Jammu