New Delhi: The Supreme Court in its judgment in the matter of adjusted gross revenue allowed telcos to pay their outstanding dues in 10 years.
Telcos can pay 10 per cent of their dues by March 31, 2021, and the remaning instalments by February 7 every year.
Any default will accrue interest and non-payment will also invite contempt of court proceedings, said the Supreme Court in its verdict. The companies have been ordered to keep adjusting bank guarantees alive till the time the payment is made.
On the question of whether telcos could sell spectrum, the SC has left the question to the wisdom of the National Company Law Tribunal (NCLT).
There is no clarity so far on the SC's decision on whether Reliance Jio would have to pay the dues of Reliance Communications, whose spectrum it is using — and whether Bharti Airtel would have to clear the dues of Aircel and Videocon for the same reason.