TDSAT Provides an Unexpected Relief from RComby Gaurav Bansal Company Registration Consultants in Delhi
that the oncoming bankruptcy is more likely to crush Anil Ambani, it is always
nice to hear some stories that can provide him some relief. The TDSAT (Telecom
Disputers Settlement and Appellate Tribunal) has ordered the Department of
Telecommunication to cancel to its demands of INR 2000 Crore from the soon to
be bankruptcy Telecom company.
as a major form of relief for a company that is about to go bankrupt
considering the upcoming fast tracked NCLT’s (National Company Law tribunal) CIRP (Corporate Insolvency resolution process) proceedings.
recent interview, RCom informed the media that the honourable Telecom Disputes
Settlement and Appellate Tribunal (TDSAT) upheld its (RCom’s) petition against
the department of Telecommunication’s decision to impose One-Time Spectrum
Charge (OTSC) on RCom’s contracted GSM and CDMA resources.
Furthermore, the appellate tribunal has also directed the DOT to return the RCom’s Bank Guarantee of INS 2000 Crore, as per the order that it passed back on 3rd July 2018.
A brief history about this matter
2012, the government had ordered that the telecom operators that hold GSM
spectrum that exceeds 6.2 MHz will have to pay One-Time Spectrum charge from
July 2008 to January 2013. For Telcos that have access to spectrums more than
4.4 MHz, they needed to pay the fee from January 1 onwards. Additionally Telcos
with CDMA spectrum that go beyond 2.5 MHz were levied the fee as well.
the government to demand about INR 24000 Crore from Telecom operators like
Bharti Airtel, Vodafone India, Idea cellular, RCom, MTNL, BSNL and Aircel. In
turn, the companies called them government out their petition to the TDSAT
challenging the government’s decision.
All in all,
it can be safely said that considering that just last week, RCom has decided to
file for insolvency to the National Company Law tribunal (NCLT); this decision
comes as a big relief. However, it is a humble reminder that even this amount
is not going to save the firm from going bankrupt. However, this is sure to
give RCom some form of levity considering they can now pay to the lenders who
are asking for less than the amount DOT is now going to pay RCom.
Here you can read complete detail about RCom insolvency:
Created on Feb 16th 2019 03:54. Viewed 220 times.