Vodafone Idea has to pay a balance of Rs 50,399 crore, while Bharti Airtel's outstanding amount is Rs 25,976 crore, said Solicitor General Tushar Mehta.
Solicitor General Tushar Mehta: We are in process of filing affidavit on DoT's behalf. In case of Aircel, co sought to be taken in IBC has shown spectrum as assets. Have told NCLT that spectrum can't be owned by anyone
However spectrum cannot be owned by anyone like this. Government is trustee.
What were the reasons to initiate insolvency?
SG : That will be given by the companies
SC- Has the proceedings been initiated?
For RComm amount to be recovered is 31000 crores- including spectrum usage and licensing charges
SC asks SG why there was a delay in filing appeal in govt's case that spectrum cannot be part of bankruptcy assets.
"What if spectrum is sold in the meanwhile?" J. Shah
Divan: it is pending before NCLT
Divan: the committee of creditors have taken a 100 percent approval of a resolution plan
SG Mehta: spectrum cannot be a subject of matter sale in an IBC proceeding.
We paid upfront money to buy spectrum which was accepted by tribunal. Thus transferable asset
SC: So you are not paying anything. OK. Have you put all liquidation papers on record?
SG mehta: We have tendered unconditional apology.
Justice Mishra: apology is fine. But file an affidavit. We will consider it together