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Tech Mahindra agreed to resolve the case against RC outside the court

Tech Mahindra will no longer be fighting the case against Reliance communications from the National Company Law Tribunal as there seems a hope for settlement between the two sides.
It all started when Tech Mahindra filed a case against Anil Ambani’s company for the recovery of Rs. 8 .2 crore. The petition filed was against Ambani’s owned Telco and its two units.
The petition reads that the quality of service and amounts billed are disputed. There is around a debt of 45000 crore which Telco have to pay. The exact words of the of the notice to the stock exchange were,” We wish to inform you that Tech Mahindra, a vendor for call centre services, has filed petitions as an unsecured operational creditor under the Insolvency and Bankruptcy Code against the company, Reliance Telecom and Reliance Big TV, subsidiaries of the company, for certain bills submitted by them for services allegedly rendered”. If there arises a problem regarding the petition then the tribunal has the right to take over the company or even liquidation to settle doubt.
There was a recent example, when equipment maker Ericsson filed for the insolvency of the petition and recovered a debt of Rs.1, 150 Crore from its operators. There were efforts made to solve the problem out of court but every one of that failed in the end. So now, there will be hearing in the court on November 9. As a matter of fact, RCom is going through strategic debt restructuring (SDR).
A Zero write off plan was presented to its lenders by the telecom company. This will allow banks to take 51% stake in the telecom operator. Thereafter, banks will have towers and spectrum to sell to the potential buyers and can gain profit.
Joint Lenders Forum could convert the debt of Rs 7000 crore into profit. Moreover it will raise Rs 17,000 crore through sale of assets such as telecom towers and spectrum.  It is also expected that around 10000 crore will be earned by selling real estate. This could help the company to recover from the debts.