The financial creditors of Reliance Communications Limited (RCOM) have told the Supreme Court (SC) that they will have no option but to liquidate the company if sale of spectrum is not allowed under the Insolvency and Bankruptcy Code (IBC) proceedings.
The representing lenders to RCOM said that radio airwaves belong to the government and can be sold only with the permission of the department of telecommunications (DoT).
Further, the representative added that lenders did not want to sell the spectrum to a new buyer under the insolvency resolution process of RCOM but only sought transfer rights for use of the airwaves, as the SC asked if spectrum can be sold under the IBC to recover adjusted gross revenue (AGR) related dues.
