Reliance Communications Named Defaulter After Missing Deadline Third Time

Anil Ambani-owned Reliance Communications (RCom) has failed to make a spectrum payment of Rs. 492 crore to the government. This has resulted in default for RCom third time in a row since they had to pay the due amount by April 19.

The company in response had stated that they had filed for bankruptcy protection and therefore, the due hadn’t been cleared. The company had filed its appeal to the National Company Law Appellate Tribunal (NCLAT).

Accordingly, the Department of Telecommunications (DoT) had stated that they are waiting for the tribunal decisions before issuing a notice to RCom.

Meanwhile, the hearing for the same has been scheduled on April 30. Earlier, the company had missed a payment of Rs. 281 crore that was due on April 5 and Rs. 21 crore which fell due on March 13.―Mumbai Live