If spectrum sale not allowed, RCom will go into liquidation, SC told

The SBI-led Committee of Creditors (CoC) for Reliance Communications (RCom) told the Supreme Court on Wednesday that if spectrum sale is not allowed, then the telecom company will find itself going into liquidation and it won’t help anyone.

The CoC told the top court that RCom is not seeking to run away from Adjusted Gross Revenue (AGR) related dues by hiding itself behind Insolvency and Bankruptcy Code (IBC) but the telecom company owes over Rs 42,000 crore to the banks.