The Supreme Court has ruled that the National Company Law Appellate Tribunal (NCLAT) will take the decision on whether lenders can sell spectrum rights of Aircel Group under the ongoing insolvency resolution process.
The apex court has clarified that the decision is only for Aircel as the National Company Law Tribunal (NCLT) had already approved UV Asset Reconstruction Co Ltd’s resolution bid for the bankrupt telco.
Apart from Aircel, Reliance Communications (RCOM) and Videocon Telecommunications Limited are also undergoing insolvency and are at different stages of resolution process.
SC’s ruling in the matter has come in response to an application filed by Aircel on September 09, 2020, urging the apex court to modify its order which stated that NCLT will look into the sale of spectrum held by bankrupt telcos. In its application, Aircel requested the court to allow the NCLAT to take decisions related to spectrum sale as nothing was pending before the NCLT.