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  Business   Companies  29 May 2018  Reliance Infratel withdraws petition for permission of asset sales

Reliance Infratel withdraws petition for permission of asset sales

PTI
Published : May 29, 2018, 5:48 pm IST
Updated : May 29, 2018, 5:48 pm IST

The RCom group firm's petition was also backed by public sector lender SBI at NCLAT.

Reliance Infratel on Tuesday withdrew its petition from the National Company Law Appellate Tribunal seeking permission to sell its tower and fibre assets.
 Reliance Infratel on Tuesday withdrew its petition from the National Company Law Appellate Tribunal seeking permission to sell its tower and fibre assets.

New Delhi: Reliance Infratel on Tuesday withdrew its petition from the National Company Law Appellate Tribunal seeking permission to sell its tower and fibre assets.

Counsel appearing for Reliance Infratel informed NCLAT that they have reached settlement with its minority share holder HSBC Daisy Mauritius.

 

"Parties have reached settlement. The moment company exits IBC process, they would sign the terms of consent," the Reliance Infratel counsel said. Following this, a NCLAT bench headed by Chairman Justice S J Mukhopadhaya allowed them to withdraw. "In view of consent terms, parties are allowed to withdraw their appeal. Both appeals are accordingly disposed of," the bench said.

The RCom group firm's petition was also backed by public sector lender SBI at NCLAT.

Tags: reliance infratel, nclat, assets sale, state bank of india, hsbc
Location: India, Delhi, New Delhi