SC AGR Hearing LIVE: Spectrum Sale, Pending Dues, Bankrupt Telcos

A bench comprising of Justices Arun Mishra, S Abdul Nazeer and M R Shah is hearing the case

SC AGR Hearing LIVE: The Supreme Court continues hearing the case on non-payment of the adjusted gross revenue (AGR) dues by telcos under insolvency, for the sixth straight session today. During the hearing, the SC said if telcos are unwilling to pay, we will direct cancellation of spectrum allocation.  “How else is DoT supposed to deal with such an issue?” SC asked.  Senior advocate Harish Salve, appearing for Reliance Jio, said if it is cancelled, the government will not get anything and even banks would get nothing. Salve also informed that said no additional demand has been raised by the DoT against Reliance Jio and Reliance Communications. “No AGR dues are attributable to the small fraction of total RCom spectrum sold,” Salve told the SC. Earlier, on Friday, senior advocate Kapil Sibal for Bharti Airtel said that spectrum is recognised as an asset and it is the most valuable asset with telecom companies. Kapil Sibal also added that if the top court refuses to recognise the sale of spectrum, banks will stop lending funds to the telcos which will grievously hurt the telecom sector.