Reliance Infratel Ltd on Tuesday withdrew its petition from National Company Law Appellate Tribunal (NCLAT) seeking permission to sell its tower and fibre assets. The Reliance Communications group firm was also backed by State Bank of India at NCLAT.
The counsel appearing for Reliance Infratel informed NCLAT that they have reached settlement with its minority share holder HSBC Daisy Mauritius.
“Parties have reached settlement. The moment company exits IBC process, they would sign the terms of consent,” the Reliance Infratel counsel said.
Following this, a NCLAT bench headed by chairman justice S.J. Mukhopadhaya allowed them to withdraw. “In view of consent terms, parties are allowed to withdraw their appeal. Both appeals are accordingly disposed of,” the bench said.
Source: May 29, 2018