Tech Mahindra Slams Petition Against RCOM Over Dues
Reliance Communications has let it out that services giant Tech Mahindra has filed insolvency petitions against the company and also its two subsidiaries for recuperating dues, as per an ET report.
The amount billed and the quality of service are unclear, RCom in a regulatory filing termed the petition as “misconceived, premature and motivated by extraneous considerations”, as per the report.
“We wish to inform you that Tech Mahindra Ltd, a vendor for call centre services, has filed petitions, as an unsecured operational creditor under IBC (Insolvency and Bankruptcy Code against the company, Reliance Telecom and Reliance Big TV, subsidiaries of the company for certain bills submitted by them for services allegedly rendered,” said RCom.
Citing that Tech Mahindra’s claim against all the three companies aggregates to Rs. 8.20 crore, RCom said, “the claim amount is not considered material by respective companies concerned”.
“We submit that the petitions are misconceived, premature and motivated by extraneous considerations,” it added.
The RCom-Aircel merger which was announced in September 2016, saw delays of months due to regulatory requirements and legal objections which indicated that RCom was running out of time meet a December 2017 deadline set by lenders to reduce its debt under a strategic debt restructuring (SDR) process.
Aircel and RCom with a debt of Rs 47,000 crore and around Rs 20,000 crore, respectively, are not the only ones in troubled waters. Tata Teleservices has a Rs. 34,000 crore of debt.
RCom’s tower deal of Rs. 11,000 crore with Brookfield is also being reworked due to termination of wireless merger dialogues with Aircel.
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