The telecom department has moved the National Company Law Appellate Tribunal, challenging the bankruptcy court’s approval of Aircel’s resolution plan.
The Department of Telecommunications alleged that Aircel’s resolution blueprint is a “liquidation plan” not aimed at reviving the bankrupt telco and includes the transfer of spectrum, which the government has yet to approve.
A decision on spectrum will likely affect Reliance Communications (RCom), another bankrupt telco.
“It is submitted that the resolution plan in respect of Aircel Group, which was approved by… NCLT… is bad in law and contrary to the licence agreement and NIA conditions,” DoT said in an affidavit filed in the adjusted gross revenue case in the Supreme Court. NIA, or notice inviting applications, is the document that contains rules pertaining to auctioned spectrum.
Source: Economic Times