Reliance Communications (Rcom) and Ericsson have settled their eight-month dispute over unpaid dues for Rs 550 crore, bringing a huge relief to the Anil Ambani-owned telecom company which will now be able to exit the insolvency proceedings and sell its wireless assets to Reliance Jio and repay lenders. Ericsson had dragged RCom to National Company Law Tribunal (NCLT) claiming dues of over Rs1,000 crore. The meeting between two firms went on till late Tuesday and early Wednesday to thrash out the settlement amount agreeable to both parties . Both firms put forth their settlement deal in front of the National Company Law Appellate Tribunal (NCLAT) Wednesday. The Ambani-owned telco, that is in a rush to pare its debt of Rs 4?6,000 crore via the Jio deal, has also sealed a pact with minority shareholders of its tower unit -Reliance Infratel on Tuesday by agreeing to pay them Rs 232 crore. The minority shareholders, including HSBC Daisy, Investments, had alleged they were being oppressed and that their consent for the sale of assets was not taken, as per the articles of association of the company. Claiming to have invested Rs 1,100 crore in July 2007, they had also filed a contempt petition against the tower arm of RCom for not providing details of its expected asset sale to Jio.The minority shareholders of Reliance Infratel will get the settlement amount once RCom resolves its dispute with Ericsson and is out of the debt resolution proceedings ordered in mid-May by the National Company Law Tribunal (NCLT).RCom is trying to sell its spectrum, fibre network, towers and switching nodes to Reliance Jio Infocomm for Rs 17,000-18,000 crore to pare Rs 46,000 crore of debt, which was stalled by the legal challenges.