Lenders were hoping to recover Rs 25,000-30,000 crore from the Aircel and RCom resolution plans
Aircel's lenders and UV Asset Reconstruction (UVARCL) might move the Supreme Court after an appellate tribunal forbade spectrum sale until the telecom company clears its dues to the government.
Lenders, led by State Bank of India, and UVARCL that resolution plans for Aircel and Reliance Communications will fail if the National Company Law Appellate Tribunal (NCLAT) order is not set aside, The Economic Times reported.
Moneycontrol could not independently verify the story.
On April 14, the NCAT said telecom players cannot use or transfer airwaves under the Insolvency and Bankruptcy Code (IBC) without settling government dues. The order hurts telecom companies such as Aircel, RCom, and Videocon, which are facing insolvency proceedings.
Lenders were hoping to recover Rs 25,000-30,000 crore from the Aircel and RCom resolution plans, against their claims of over Rs 1,16,000 crore, The Economic Times reported.
"This is a big setback for us," a banker told the publication.
"If no reprieve is given to us, these companies are surely headed to liquidation as the resolution applicants or the defunct telcos are in no position to pay spectrum dues," the banker said.
According to the calculation by The Department of Telecommunications (DoT), Aircel owes Rs 12,389 crore as adjusted gross revenue (AGR) dues.
The telecom regulator has also claimed Rs 14,000 crore from Aircel, which includes defaults on non-payment of instalments for the right to use spectrum as an operational creditor.
RCom and Videocon owe Rs 26,000 crore and Rs 1,376 crore, respectively as AGR-related dues, the report said.