Debt-ridden Reliance Communications (RCom) Tuesday withdrew its petition challenging an NCLT order that allowed insolvency resolution process against the company.
RCom in May last year had filed a petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order on a plea by global telecom gear maker Ericsson.
The Mumbai bench of NCLT on May 15, 2018, admitted an insolvency petition filed by Ericsson against RCom and two of its subsidiaries -- Reliance Infratel and Reliance Telecom. The tribunal had also appointed an interim resolution professional to run the company.
The NCLAT on May 30, 2018, had stayed the operations of NCLT orders.
Anil Ambani-led Reliance Group firm has now opted to go through the insolvency proceedings.
During the proceedings of NCLAT, senior advocate Kapil Sibal representing RCom informed the bench about the company's decision to withdraw the petition against the NCLT's order.
An NCLAT bench headed by Chairman Justice S J Mukhopadhaya allowed RCom to withdraw its appeal.
RCom in February 2019 had announced its decision to opt for insolvency proceedings following its failure to sell assets for paying back its lenders.