Reliance Communications cannot sell its towers till April 23 as the National Company Law Appellate Tribunal (NCLAT) has recalled its April 6 order that allowed the sale. The NCLT order of March 12, barring the sale of tower and fibre assets held by Reliance Infratel, continues for now.
The NCLAT said: “In view of the order passed by the Supreme Court, dated April 16, 2018...interim order dated April 6, 2018 is recalled.”
The TDSAT thought it was better to recall the order it had passed earlier since the Supreme Court on Monday had stayed the sale of assets, housed under Reliance Infratel, after HSBC Daisy Investments moved court, till the time NCLAT decides on the matter.
The TDSAT said that the SC had stayed the sale till April 18 thinking that the tribunal will rule on the issue on Wednesday and allocate the proceeds, but since the matter will be heard by the tribunal again, it was better to recall the order.
The TDSAT thought it was better to recall the order it had passed earlier since the Supreme Court on Monday had stayed the sale of assets, housed under Reliance Infratel, after HSBC Daisy Investments moved court, till the time NCLAT decides on the matter.
The TDSAT said that the SC had stayed the sale till April 18 thinking that the tribunal will rule on the issue on Wednesday and allocate the proceeds, but since the matter will be heard by the tribunal again, it was better to recall the order.
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