NCLAT adjourns hearing on Reliance Infratel asset sale to May 2

The National Company Law Appellate Tribunal (NCLAT) today adjourned to May 2 its hearing on the Reliance Infratel petition seeking permission to sell its tower and fibre assets.

Counsel appearing in the matter sought the adjournment following which a NCLAT bench headed by Justice S J Mukhopadhaya directed it to list on May 2.

On April 18, the tribunal had recalled its previous order which allowed debt-ridden Reliance Communications to proceed with the sale of its tower and fibre assets.

The sale of these businesses form an important part of the overall Rs 25,000 crore asset monetisation blueprint of the troubled company.

NCLAT had on April 6 partially allowed sale of the businesses, which was challenged by HSBC Daisy Investments (Mauritius) Ltd.

The apex court on April 16 stayed the order allowing the sale.

In December 2017, Mukesh Ambani-led Reliance Jio had struck a mega deal to acquire mobile business assets including spectrum, towers and optical fibre network of RCom, owned by his younger brother Anil Ambani.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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