Paytm’s parent One97 Communications has approached insolvency court and filed a case against Reliance Telecom, a subsidiary of Anil Ambani-owned Reliance Communications.
National Company Law Tribunal’s (NCLT) Mumbai bench has scheduled the hearing for October 26.
Citing people familiar with the matter an ET report says that One97 Communications has been demanding Rs 20 crore payment dues from the debt-laden telco.
The report added that RCom had tried for an out of court settlement, but the talks did not go through.
Interestingly, parent Anil Ambani-owned Reliance Capital had invested around Rs 10 crore in One97 Communication in 2010. The investment fetched a staggering 27 fold return (Rs 275 crore) when the VC arm of Reliance ADAG finally exited in March 2017.
The development comes at a time when Anil Ambani-led company is planning for a complete exit from the telecom business to concentrate on real estate in future.
Besides, his firm is going through various other court cases that have already delayed RCom’s asset monetisation sale. Struggling under a debt of Rs 46,000 crore, RCom is selling its assets to Reliance Jio Infocomm (Jio) and Canadian asset management company Brookfield for Rs 18,000 crore.
Reliance Communication has been embroiled into high profile legal tussle with Ericsson. The Swedish communications equipment major fought in courts and filed an insolvency plea with NCLAT to recover dues of around Rs 1,150 crore from RCom including couple of its subsidiaries.
Later, both requested NCLT to suspend the insolvency order as they agreed for a settlement talks.