A bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah expressed surprise when senior advocate Shyam Divan, appearing for the resolution professional appointed to manage the affairs of the company after insolvency proceedings were initiated, said the liquidation value of the company was around Rs 10,000 crore.
The bench pointed out that the net worth of the company was around Rs 37,000 crore as that figure was mentioned in the apex court judgement of 2018 when the court was hearing the legal battle between RCom and Ericsson India over clearing of dues.
“Where have the assets disappeared? There is a huge difference in the figure mentioned in the judgement and the current figure,” the bench said.
As per the resolution plan approved by the Committee of Creditors, the current value of the company includes spectrum whose worth is in the range of Rs 6,900-7,500 crore. “We will try to reconcile the figures,” Divan said.
The court was hearing the plea of the government and telecom companies on how the companies facing insolvency proceedings would clear AGR (adjusted gross revenue) dues.
The court is examining whether Reliance Jio could be directed to clear AGR dues of RCom for sharing its spectrum since 2016. RCom owes the government around Rs 31,000 crore. At the outset, solicitor general Tushar Mehta told the court that there is divergence of opinion between two ministries — department of telecommunication (DoT) and the ministry of corporate affairs (MCA) — on whether the spectrum could be sold under the insolvency proceedings. He said DoT believes that spectrum being a natural resource owned by the government cannot be sold under insolvency proceedings, a stand which is opposed by MCA.