Mumbai, April 30 : Debt-ridden Reliance Communications (RCom) on April 30 withdrew its petition challenging an NCLT order that allowed insolvency resolution process against the company.
RCom in May last year had filed a petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order on a plea by global telecom gear maker Ericsson. The Mumbai bench of NCLT on May 15, 2018, admitted an insolvency petition filed by Ericsson against RCom and two of its subsidiaries — Reliance Infratel and Reliance Telecom. The tribunal had also appointed an interim resolution professional to run the company.
The NCLAT on May 30, 2018, had stayed the operations of NCLT orders.
