The SC has ruled that telecom spectrum cannot be treated as a corporate asset under India’s IBC | Image: Unsplash The Supreme Court on Friday delivered a judgment asserting that telecom spectrum is a public resource and cannot be treated like other corporate assets in insolvency proceedings under the Insolvency and Bankruptcy Code. The ruling…
Once considered one of the country’s largest infrastructure companies, the company has now taken a completely new turn. Shares of the company, valued at approximately ₹6,000 crore, once traded above ₹600, but the situation deteriorated to a low of around ₹2. The company has now informed the exchange about who has finally acquired it during…
The case arose from insolvency proceedings involving Aircel Ltd., Dishnet Wireless Ltd. and Aircel Cellular Ltd. The companies had entered voluntary corporate insolvency resolution process (CIRP) under Section 10 of the IBC. They had acquired telecom licences in 2006 under Unified Access Service Licence (UASL) agreements. They had also obtained spectrum through government auctions. During…
The Supreme Court has observed that the Insolvency and Bankruptcy Code cannot be the guiding principle for restructuring the ownership and control of telecom spectrum. The Court had reserved judgment on a series of appeals contesting a National Company Law Appellate Tribunal (NCLAT) ruling regarding the insolvency of Aircel and Reliance Communications. The central issue…
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Supreme Court rules telecom spectrum cannot be transferred under Insolvency and Bankruptcy Code The Economic Times Read the original article here
INTRODUCTION In the recent judgment in Re Gregory (“G”) and Bottomley (“B”) (Debtors)1 typical bankruptcy petitions presented by The Hongkong and Shanghai Banking Corporation Ltd (“HSBC”) against G and B based on their personal guarantees of Can Build Management Limited’s (“CBM”)2 debts were dismissed when the Court concluded it had no jurisdiction over them. FACTS…
Financial Deep Dive The Numbers & The Situation:Radhagobind Commercial Limited, a company primarily engaged in the trading of textiles and fabrics, is currently navigating the challenging terrain of the Corporate Insolvency Resolution Process (CIRP) under India’s Insolvency and Bankruptcy Code (IBC), 2016. The National Company Law Tribunal (NCLT) Kolkata admitted an insolvency petition against the…
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[UPDATED]: High Court declares Jovian bankrupt after loan dispute NST Online Read the original article here