Supreme Court rejects Bharti companies’ pleas on Aircel payments

MUMBAI: The Supreme Court on Thursday rejected pleas by Bharti Airtel and Bharti Hexacom seeking to deposit Rs 112 crore, payable to now defunct Aircel towards its Spectrum Trade Agreements (STA) and other dues, in an escrow account with the registry of the apex court till the approval of the latter’s resolution plan.

Seeking a clarification of the SC’s January 3 order that asked them to pay Aircel Rs 112 crore, the Bharti entities told a Bench led by Justice Sanjiv Khanna that since the resolution plan of UV Assets Reconstruction Company to revive Aircel did not receive the Reserve Bank of India approval, its interests must be protected in case Aircel went into liquidation.