Final Updated : Aug 06, 2020 09: 59 PM IST | Provide: Moneycontrol.com The SC had, in its old listening to in the matter on July 20, requested RComm, Videocon and Aircel to publish all records and particulars of insolvency inside 7 days.
The Supreme Court docket will possible be listening to the adjusted gross income (AGR) case subsequent on August 10, with the express on a timeframe for ‘staggered’ repayment of dues by telcos yet to be pronounced.Whereas listening to the plea by telecom corporations in quest of permission for a staggered repayment of their AGR dues on July 20, the apex court docket had reserved its express in the matter. On the time, the court docket had additionally noticed that there is never any scope for any 2d look or re-calculation of said dues, including that the calculation given by the telecom department is to be treated as final.The SC had, in its old listening to in the matter, requested RComm, Videocon and Aircel to publish all records and particulars of insolvency inside seven days. It had said that it wanted to see into the bonafide of the decision to invoke insolvency on the fragment of several corporations with AGR dues of over Rs 38,000 crore, which is more possible to be for the time being in liquidation. The distress of corporations below liquidation, on the opposite hand, will possible be procedure about by the court docket on August 19.In its October 24 express final twelve months, the SC upheld the definition of AGR calculation as stipulated by the Division of Telecommunications (DoT). The govt. had suggested that the income from the non-core businesses must additionally be included in arriving at the annual AGR amount. A fragment of the AGR is paid by telecom corporations as licence and spectrum payment to the exchequer.As per DoT estimates, telecom corporations owe a total of Rs 1.19 lakh crore with payments got to this level at Rs 26,896 crore.Nonetheless, confused by the excessive dues, telcos had appealed to the court docket to hold the option of staggered repayment over 10-20 years. The court docket, on the opposite hand, famed that telecom corporations can not be authorised to create staggered payments over 20 years without providing any safety.In an earlier listening to on June 18 this twelve months, the SC had requested telecom corporations to create a minimum payment to expose bonafide, provide a roadmap of payments if allowed to paddle payments and provide books of accounts for the final decade for evaluation.
First Published on Aug 6, 2020 09: 59 pm