Aircel insolvency: Plea in Supreme Court for interim sale of right to use of spectrum

The erstwhile Resolution Professional of Aircel entities on Monday sought the Supreme Court’s nod for the interim sale of right to use spectrum so as to prevent further “diminution, erosion in value and reduction of useful life” of the natural resource. This limited term of right to use spectrum will further lead to a “deterioration in amounts realisable from commercial use of right to use spectrum, which is the most valuable asset of the debt-laden telecom service providers,” he said.

In the best interest of all the stakeholders and with an aim to preserve the value of the right to use spectrum of the Aircel entities and to avoid further loss to the national interest, the apex court should as an interim measure allow the right to use spectrum be sold subject to proceeds of such sale being kept in an interest bearing escrow account and to be utilised in accordance with its final directions, the application by Vijaykumar V Iyer stated.