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 had been initiated, mentioned the liquidation worth of the corporate was round Rs 10,000 crore.
The bench identified that the web value 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.
“Where have the belongings disappeared? There is a big 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 Creditors, the present worth of the corporate contains spectrum whose value is within the vary of Rs 6,900-7,500 crore. “We will attempt to reconcile the figures,” Divan mentioned.
The courtroom was listening to the plea of the federal government and telecom firms on how the businesses dealing with insolvency proceedings would clear AGR (adjusted gross income) dues.
The courtroom is analyzing whether or not Reliance Jio might be directed to clear AGR dues of RCom for sharing its spectrum since 2016. RCom owes the federal government round Rs 31,000 crore. At the outset, solicitor normal 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 might 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.