The Economic Times

Supreme Court dismisses Reliance Communications, lenders' petitions against bank guarantee invocation

The Supreme Court dismissed Reliance Communications lenders' challenge to the DoT's bank guarantee invocation. The court stated lenders should have approached the high court first for this matter. The DoT sought to invoke bank guarantees totaling approximately 800 crore from four banks. Lenders argued the Supreme Court's prior judgment did not justify this invocation. They contended the DoT's action disrupted the insolvency resolution process framework.