[New Delhi, Delhi, march 26th 2019] In light of Reliance Communication finally repaying the debts it held to Ericsson, the Swedish telecom company has moved to the Supreme Court to end the insolvency case it filed against Anil Ambani Led RCom. Additionally, Ericsson also has filed an affidavit to the top court to drop any contempt charges against Anil Ambani now that the matter is settled.

Back in the early 2018, Ericsson, to obtain the debts that RCom owed it, filed the petition of insolvency resolution at the NCLT. Reliance Communication than moved on to NCLAT where a settlement amount of INR 550 Crore was fixed

This further led to a path of many Supreme Court hearings and delay in payments from RCom’s side that ultimately led to the top court ordering Anil Ambani to repay the debt by March 19 or face 3-month jail Term. The additional draconian approach of Jail term was there because of repeated delays from Anil Ambani; Ericsson had filed a case of contempt of court against him.

However, now that the matter is completely settled, Ericsson has seen it fit to take back the insolvency case and take back the affidavit as well.

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