The top court refused to vacate the stay granted by the Delhi High Court by its interim order on the personal insolvency proceedings against Ambani.
The bench noted that all resolution transactions must be as per the IBC and trading guidelines mandate that dues need to be taken care of before the sale of spectrum.
However, Salve ruled out any possibility of RJio paying duties on revenues earned by RCom through the spectrum assets.
Bench also questions if RCom’s spectrum assets may be sold under IBC.
RJIL in April 2016 entered into a pact to share a part of the spectrum held by RCom and its unit Reliance Telecom Ltd (RTL).
The bench observed that since spectrum was a public asset, whichever company is using it could be liable to pay statutory dues on the same.
Among the two buyers is Anil’s brother Mukesh Ambani’s telecom and digital business powerhouse Reliance Jio, which is planning to take over RCom’s mobile tower assets.
In addition, the regulator noted that CARE Ratings had failed to conduct a review despite being adequately triggered by several factors.
This is the highest-ever recovery of dues by financial creditors in the telecom sector which has seen the exit or shut down of 11 out of 12 telcos since 2012.
Sources said that a committee of RCom creditors on March 4 unanimously approved the insolvency resolution plan to settle unpaid debt of RCom, Reliance Telecom and Reliance Infratel.
UV Asset Reconstruction Company is believed to have placed bid of around Rs 14,700 crore, while Reliance Jio has made an offer of Rs 4,700 crore for tower and fibre assets of Reliance Infratel Ltd.
The Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China, had sought summary judgment against Ambani.
Reliance Communications had close to Rs 45,000 crore debt on its books in October 2017, he had said. The RCOM stock rose sharply on announcment, closing at 30 per cent high at Rs 21.33.
Even as many telcos have shown interest in buying the assets of Anil Ambani’s debt-laden Reliance Communications (RCom), Mukesh Ambani-led Reliance Jio seems to emerge as the strongest contender.
The move is aimed at reducing debt and benefiting all stakeholders, including lenders and shareholders, of RCom.