SC to hear appeals on Aircel spectrum dispute in October

The Mumbai bench of the National Firm Law Tribunal had in June 2020 approved a Rs 6,630 crore resolution strategy of UV Property Restoration Company. The plan which contemplates monetization of the right to use range as a component of the resolution plan is under challenge before the National Business Regulation Appellate Tribunal.

The Supreme Court will certainly listen to allures in October regarding the transfer of Aircel’s range as component of its bankruptcy resolution strategy. The government and lending institutions are at chances over whether the spectrum must be transferred to the successful applicant or gone back to the federal government. The instance entails considerable economic stakes for both parties.

In the best interest of all the stakeholders and with an aim to preserve the worth of the right to use range of the Aircel entities and to stay clear of additional loss to the national interest, the peak court need to as an interim procedure enable the right to make use of range be marketed based on profits of such sale being maintained in a rate of interest bearing escrow account and to be utilised according to its last instructions, the application by Vijaykumar V Iyer stated.

In a hearing in September last year, the erstwhile Resolution Expert of Aircel Entities had asked the Supreme Court to permit interim sale of right to use range so regarding stop further “decrease, erosion in worth and decrease of useful life” of the natural deposit.