Lawstreet Journal

Supreme Court adjourns the AGR Dues Case Hearing to August 24,2020

Lawstreet Journal 24 Aug 2020 10:22pm

Image courtesy: Lawstreet Journal Judiciary Supreme Court adjourns the AGR Dues Case Hearing to August 24,2020

The Supreme Court on Friday (August 21,2020) adjourned the meeting on the issue of Adjusted Gross Revenue (AGR) dues from telecom organizations to August 24, Monday. During Friday's hearing that was on 21 August the central matter of the arguments was based on the range as an asset for the telecom organizations, its dealers, and related rights. Prior to August 20, the Supreme Court expressed worry that practically the sum of the dues from telecom organizations could be cleared out under the progressing IBC process. 

Here are the fundamental features from the Supreme Court hearing on the AGR installments contribution case from telecom organizations on August 24,2020:

  • The Supreme Court has adjourned the AGR hearing to August 24.
  • Shyam Divan, appearing for Resolution Professional of RCom, addressing the Justice Arun Mishra led bench of SC.
  • Kapil Sibal to SC: Spectrum is recognized as an asset; it is the most valuable asset with telcos. Spectrum is taken as security by the lenders. If SC refuses to recognize the sale of the spectrum, banks will stop lending to telcos, will grievously hurt the telecom sector.
  • Salve for R. Com COC: SC holding that the spectrum CAN'T be sold, will not help recover the AGR dues. If the spectrum sale is not allowed, it will be returned to DoT, auctioned for future use, won't help recover AGR. The issue of the sale of the spectrum should be left to NCLT.
  • Salve for R. Com COC: In the NCLT, DoT is challenging the resolution plan on the ground that the spectrum can be sold.… Continue Reading...

    Tagged: Telecom Regulatory Authority of India  
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