A bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah expressed shock when senior advocate Shyam Divan, showing for the decision skilled appointed to handle the affairs of the corporate after insolvency proceedings have been initiated, mentioned the liquidation worth of the corporate was round Rs 10,000 crore.
The bench identified that the web price of the corporate was round Rs 37,000 crore as that determine was talked about within the apex courtroom judgement of 2018 when the courtroom was listening to the authorized battle between RCom and Ericsson India over clearing of dues.
“The place have the belongings disappeared? There’s a enormous distinction within the determine talked about within the judgement and the present determine,” the bench mentioned.
As per the decision plan authorised by the Committee of Collectors, the present worth of the corporate contains spectrum whose price is within the vary of Rs 6,900-7,500 crore. “We are going to attempt to reconcile the figures,” Divan mentioned.
The courtroom was listening to the plea of the federal government and telecom corporations on how the businesses going through insolvency proceedings would clear AGR (adjusted gross income) dues.
The courtroom is inspecting whether or not Reliance Jio could possibly be directed to clear AGR dues of RCom for sharing its spectrum since 2016. RCom owes the federal government round Rs 31,000 crore. On the outset, solicitor common Tushar Mehta advised the courtroom that there’s divergence of opinion between two ministries — division of telecommunication (DoT) and the ministry of company affairs (MCA) — on whether or not the spectrum could possibly be offered underneath the insolvency proceedings. He mentioned DoT believes that spectrum being a pure useful resource owned by the federal government can’t be offered underneath insolvency proceedings, a stand which is opposed by MCA.