Aircel Resolution: Banks in SC, say IBC overrides telecom licence conditions

The committee of creditors of Aircel and the successful bidder, UV Asset Reconstruction Company (UAVRCL), have challenged in the Supreme Court the order of the National Company Appellate Tribunal (NCLAT) pronounced on April 13, which ruled that spectrum can be transferred as part of insolvency resolution plan but only after clearing all government dues. The CoC’s petition has said that the appellate tribunal failed to consider that the provisions of Insolvency and Bankruptcy Code (IBC) overrides the universal access service licence conditions, tripartite agreement and the spectrum trading guidelines.