Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events

New Delhi: The following is the chronology of events in the case in which the Supreme Court on Wednesday held Reliance Communications Ltd (RCom) chairman Anil Ambani and two others guilty of contempt of court. Observing there was a ‘wilful default’, the Supreme Court Anil Ambani also ordered the debt-laden company to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a 3-month jail term. Besides Ambani, the court held Reliance Telecom Ltd chairman Satish Seth and Reliance Infratel Ltd Chhaya Virani as well as their three companies guilty of contempt of court. - 25 January, 2013: Ericsson, RCom enter pact to operate and manage RCom’s nationwide telecom network. - 7 May, 2017: Ericsson issues three notices to three Reliance companies to pay Rs 9.78 crore in dues. - 19 May: The companies state performance of Ericsson had been inconsistent. - 7 September: Ericsson terminates agreement, asks them to pay outstanding amount in full. - 8 September: Ericsson files three applications under Insolvency and Bankruptcy Code (IBC) as operational creditors. [caption id=“attachment_2578116” align=“alignleft” width=“380”] File photo of Anil Ambani. Reuters[/caption] - 15 May, 2018: National Company Law Tribunal (NCLT) admits Ericsson’s plea for beginning of insolvency proceedings against RCom. - 18 May: NCLT appoints three Interim Resolution Professionals for the process. - 30 May: National Company Law Appellate Tribunal (NCLAT) stays bankruptcy proceedings, RCom says it has agreed to pay Rs 550 crore dues within 120 days. - 17 July: 3 Reliance companies file plea in SC seeking quashing of corporate insolvency resolution process in view of settlement of disputes between them and Ericsson. - 3 August: Supreme Court approves settlement between RCom and Ericsson, allows RCom to sell assets worth about Rs 25,000 crore. - 9 August: Undertakings given by chairmen of companies says dues will be paid upon sale of company’s assets. - 27 September: Reliance firms seek extension of 60 days. - 1 October: Ericsson files contempt plea against RCom and the group companies. - 23 October: The Supreme Court grants RCom till 15 December for paying Ericsson. - 12 December: RCom moves second application in the Supreme Court for extension of time. - 13 December: The Supreme Court refuses any such extension. - 21 January, 2019: Three Reliance companies inform the Supreme Court Rs 118 crore had already been deposited with the apex court’s registry. - 1 February: RCom group writes to stock exchanges, making it clear that they will not resist the corporate insolvency resolution process that had been stayed. - 20 February: The Supreme Court holds Anil Ambani and others guilty of contempt of court.