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The development comes a day after the Supreme Court vacated a Bombay High Court order, which had stayed the sale of assets of RCom.
“By an interim order passed on Friday, the NCLAT has vacated the remaining stay, and allowed execution of sale deeds and deposit of the proceeds with the SBI in an escrow account. Based on these orders, RCom can now proceed with completion of its entire asset monetisation plan, covering spectrum, towers, fibre, MCNs (media convergence nodes) and real estate,” an RCom spokesperson said in a statement. The spokesperson said that the company had moved the NCLAT today for vacation of the stay in relation to sale of its tower and fibre assets as directed by the Supreme Court.
“RCom is now very confident of achieving overall debt reduction of approximately Rs 25,000 crore within the next few weeks,” the spokesperson said, adding that the distribution of proceeds of only the tower and fibres will be subject to the final decision of the NCLAT on April 18, 2018.
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