Centre moves SC for approval of formula to provide breather to telcos in payment of AGR dues

The Centre moved the Supreme Court on Monday seeking approval of its formula to allow telecom companies to pay their Adjusted Gross Revenue (AGR) dues in annual instalments for over 20 years to avoid impact on the economy.

A bench of Justices Arun Mishra and M R Shah directed that the Centre’s application be listed before the same bench which had given the October 24, 2019 verdict for payment of AGR dues, amounting to Rs 1.47 lakh crore, owed by telecom companies.

Solicitor General Tushar Mehta, appearing for the Centre, mentioned the application for urgent listing saying that if a telecom company goes bankrupt due to the dues, it would have a major impact on the sector.

The bench said however that it does not know when the original bench which gave the verdict will assemble due to the precautionary measures adopted by the top court in wake of COVID-19 pandemic.