Supreme Court AGR case latest updates

Supreme Court AGR case latest updates

Supreme Court AGR case latest updates: Justice Mishra bench says worried that almost entire AGR dues will be wiped out in IBC process

Here are the latest updates from the Supreme Court hearing on the AGR payments dues case from telecom companies today
Supreme Court AGR case latest updates: Justice Mishra bench says worried that almost entire AGR dues will be wiped out in IBC process

The Supreme Court on Thursday resumed the hearing on the issue of adjusted gross revenue (AGR) dues from telecom companies at 2 pm. The main highlights of Wednesday’s hearing were the arguments from Harish Salve, the counsel for both Reliance Jio as well as the Committee of Creditors (CoC) led by the SBI, pertaining to the sale of the spectrum by the insolvent companies RCom and Aircel.

 

Here are the latest updates from the Supreme Court hearing on the AGR payments dues case from telecom companies today:
SC observes: We are extremely worried that almost all of the entire AGR dues will be wiped out in the IBC process. And after the sale of the spectrum, the new user will have extinguished any pending demand against the spectrum in question.
Important: Monitoring Committee of Aircel admits that less than 1 percent of AGR dues will be paid as per approved resolution plan.
Ravi Kadam for Aircel Monitoring Committee to SC: Resolution process has concluded, UVARC plan has been approved. DoT applied as operational dues, recognised by COC. COC has approved the plan, following the IBC. Not even 1 percent of the AGR demand will be paid. DoT was a part of the COC meetings.
SC observes: What has happened to AGR dues? How much has been paid?
Ravi Kadam for Aircel Monitoring Committee to SC: The right to use the spectrum is an asset. To keep the company as a going concern, the right to use will be monteised upon approval of the resolution plan. Resolution applicant is UVARC.
SC observes: Is Aircel looking to sell spectrum under IBC?

Kapil Sibal for Airtel to SC: Have paid all relevant dues with respect to spectrum trading, have paid 18004cr of AGR dues.
Justice Mishra asks SG for DoT: First, how much has been used by Airtel and whether they have paid in terms of 1999 guidelines as on date? Second, from which date Rcom began sharing spectrum with Rjio. The apex court said we want everything basis licence. We want details from DOT of spectrum allocated to R.Comm, Aircel since 1999. We want details of all instances of spectrum sharing.
SC observes: Has Airtel paid AGR dues for spectrum bought from Aircel?
Ravi Kadam for Aircel Monitoring Committee to SC: No instance of spectrum sharing with any operator by Aircel.
In response, Justice Mishra asks: Was Aircel holding the licence from 1999?
Ravi Kadam for Aircel Monitoring Committee to SC: From 8 April 2016, there have been 8 instances of spectrum trading with Bharti. DoT had approved the sale, had raised the demand for dues.
Senior Advocate Ravi Kadam, appearing for Monitoring Committee of Aircel begins, addressing the Justice Arun Mishra led bench: Filed an affidavit on behalf of the Monitoring Committee of Aircel.
Supreme Court hearing commences on the matter pertaining to payments of Adjusted Gross Revenue (AGR) by Telecom Companies.
AGR hearing to begin shortly. Monitoring Committee of Aircel to address the SC on sale of spectrum. Senior Lawyers Harish Salve, Ranjit Kumar have joined. Waiting for Justice Arun Mishra led bench to assemble. Hearing was scheduled at 2PM.
On Wednesday, the apex court asked two key issues:

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