SC lists plea against order on Aircel's spectrum transfer for Oct
This story was originally published at 20:14 IST on 3 September 2024
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NEW DELHI – The Supreme Court today put the petitions against the National Company Law Appellate Tribunal's order on transferring debt-ridden Aircel Ltd entities' spectrum for final hearing in October. The appellate tribunal in 2021 had ruled that the spectrum can be transferred from one telecom company to another only if the government's dues with respect to the said asset are clear.
In 2020, the Mumbai bench of the National Company Law Tribunal had approved a 66.30-bln-rupee resolution plan of UV Asset Reconstruction Co Ltd for Aircel. After the appellate tribunal's ruling, UV Asset and the lenders of the debt-ridden company moved the top court. The lenders want the spectrum of telecom companies to be transferred to the successful resolution applicant. However, the telecom department says that spectrum should be returned to the government.
In an earlier hearing, a former resolution professional of Aircel entities had sought the Supreme Court's approval to sell the spectrum held by the company as an interim measure to prevent further erosion in its value and its active life. In the best interest of all the stakeholders and to preserve the value of the spectrum of Aircel entities and to avoid further loss to the national interest, the apex court should as an interim measure allow the sale of spectrum, subject to proceeds of the sale being kept in an interest-bearing escrow account and to be utilised in accordance with its final directions, the resolution professional had said. However, the telecom department had opposed the proposal. End
Reported by Surya Tripathi
Edited by Akul Nishant Akhoury
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