(Rohinton Fali Nariman and Indu Malhotra, JJ.)
Reliance Communications Limited and Others ________ Petitioner(s);
v.
State Bank of India and Others ____________________ Respondent(s).
Writ Petition(s)(Civil) No(s). 845/2018, decided on August 3, 2018
(For Admission [To Be Taken UP at 10.30 A.M.])
With
SLP(C) Nos. 19580-19585/2018 (XVII) (For Permission to File Additional Documents on IA 102226/2018 For Exemption From Filing C/C of the Impugned Judgment on IA 102227/2018 For Intervention/Impleadment on IA 102228/2018) Diary No(s). 25976/2018 (XVII) (For Permission to File Appeal on IA 102233/2018 For Exemption From Filing C/C of the Impugned Judgment on IA 102234/2018 For Intervention/Impleadment on IA 102235/2018)
The Order of the court was delivered by
Order
1. Applications seeking exemption from filing certified copy of the impugned orders are allowed.
2. Permission to file Appeals is granted.
3. Applications for impleadment are allowed.
4. Reading the interim Order dated 30.05.2018 of the National Company Law Appellate Tribunal, it is clear that Ericsson India Pvt. Ltd., who is an Operational Creditor, is willing to settle its debt of over Rs. 1500 Crores for a sum of Rs. 550 Crores (Rupees Five Hundred Fifty Crores only) which is to be paid within 120 days from the date of that order i.e. by 30th September, 2018.
5. Having heard Mr. P. Chidambaram, learned Senior Counsel for Neptune Steel Strips Ltd. and Mahima Mercantile Credits Ltd., Mr. Kapil Sibal, learned Senior Counsel for Reliance Communications Limited & Ors. and Mr. Tushar Mehta, learned ASG for Joint Lenders Forum/SBI, we are of the view that this time-line shall be strictly adhered to and payment of Rs. 550 Crores (Rupees Five Hundred Fifty Crores only) be made on or before 30th September, 2018.
6. In the meanwhile, the undertaking that is to be given by the Chairman of the Company concerned shall be given within a period of one week from today.
7. Mr. Tushar Mehta, learned ASG appearing for the Joint Lenders Forum agrees to this. Mr. Dushyant Dave, learned Senior Counsel for Ericsson India Pvt. Ltd. also agrees to it.
8. In this view of the matter, list on Monday, the 1st October, 2018.
9. Needless to say, the sale of the assets concerned will go through as has been stated in the orders of the Tribunal and Appellate Tribunal.
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