UVARCL planning to approach the Supreme Court against NCLAT’s order forbidding Aircel from selling its spectrum

According to industry sources, UV Asset Reconstruction Company Limited (UVARCL) will soon move the Supreme Court (SC) against a National Company Law Appellate Tribunal (NCLAT) order that forbids Aircel from selling its spectrum until it cleared its dues to the government.

To this end, UVARCL will approach the SC soon to prevent any delay in the asset monetisation of Aircel. UVARCL has the clearance of the National Company Law Tribunal (NCLT) to acquire Aircel.

Earlier, Aircel’s committee of creditors (CoC), headed by State Bank of India (SBI) had moved SC, fearing that the appellate tribunal’s order would lead to further delays in completing the UVARCL deal, leading to the liquidation of Aircel.