Vendors mull taking BSNL, MTNL to NCLT. Asset sale worth INR37,500cr hits ownership block.
Vendors of state-run telco firms BSNL and MTNL may consider approaching National Company Law Tribunal (NCLT) for liquidation on the back of outstanding payment dues worth INR20,000cr.
The pending payments are against the supply of telecom gear and other goods to BSNL and MTNL as well as INR45,000cr rural broadband project BharatNet.
MTNL Chairman and Managing Director Sunil Kumar meanwhile said that the vendor payment due on MTNL is not very high... Not more than INR400cr and that they were well placed to clear the the dues very soon.
Previously: The Cabinet had last month approved a INR69,000cr revival plan for BSNL and MTNL but dues of many vendors still remain unpaid. Moneycontrol
Asset sale of BSNL, MTNL worth INR37,500cr is likely to take longer than planned as their buildings registered before 1988 are owned by the Department of Telecommunications (DoT).
What Does This Mean: The telecom companies will now have to buy these properties from the Centre before monetising them. Even if the sale happens for no amount, the transaction has to be registered with a sale deed. BS
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