The Bench of Justices Arun Mishra, S Abdul Nazeer, and MR Shah, in the Supreme Court we’re hearing a matter regarding AGR of Telecom Companies, during which the question of selling of spectrum by the Telecom industries which were subjected to IBC proceedings became a subject of issue.
Solicitor General Tushar Mehta gave the Court an outline of the sums recoverable from organizations like Reliance Communications and Aircel. He called attention to that rather than entries made via Aircel under the steady gaze of the National Company Law Tribunal (NCLT), spectrum can’t be incorporated as organization’s assets, since it is national property and can’t be auctioned off by the organization.
With respect to Reliance, Mehta told the Court that the complaints as to range deal are as yet getting looked at under the watchful eye of the Apex Court. In light of this, the Bench inquired as to why there was a postponement with respect to the government to appeal ,raising the point that spectrum couldn’t be sold.
It was also enquired why the Proceedings against Reliance under Section 7 of IBC was Revived by NCLAT , after the order of SC in 2019.
“Our order is binding for all courts and tribunals. How can NCLAT revive insolvency proceedings despite payment to Ericsson?”
This matter was finally adjourned.