(TOI)
The Supreme Court on Thursday stayed the sale of assets of Anil Ambani’s RCom Consolidated to elder brother Mukesh’s Reliance JioInfocomm (Jio) in view of who should be refunded first out of the money raised from the deal — banks who have lent money to RCom, or Ericsson.
Agreeing to hear a plea filed by SBI, one of the creditor banks, a bench of Justices A K Goel, R F Nariman and U U Lalit directed the parties to maintain status quo, which means the deal cannot be finalised without the court’s permission.
SBI had challenged a tribunal’s order, which was upheld by the Bombay high court, allowing Ericsson to stake a claim on RCom Consolidated’s assets. RCom owes Indian lenders Rs 42,000 crore. SBI argued that as a secured lender, its claim took precedence over others.
