SC turns down Airtel plea for clarification in order asking it to pay Rs 112 crore to Aircel

The Supreme Court on January 25 refused to entertain a plea by telecom giant Airtel seeking clarification in its order asking the company to pay Rs 112 crore to the now defunct Aircel.

As a consequence of the apex court decision not to entertain the plea, Airtel chose to call off its application.

In its application, reviewed by Moneycontrol, Airtel has contended that the resolution plan to revive Aircel did not receive the approval from the Reserve Bank of India (RBI). "UV Assets Reconstruction Company, the successful resolution applicant, despite admittedly leaving 'no stone unturned' has failed to secure the mandatory approval of the Reserve
Bank of India required for acquiring shares of the Aircel entities in order to implement the resolution plan, resulting in the implementation of the resolution plan becoming practically impossible," it said.

According to Airtel, since the resolution plan is unworkable, it sought the SC approval to deposit Rs 112 crore in an escrow account with the registry. Airtel requested for this as it contended that its interests must be protected in case Aircel goes into liquidation. The SC, however, refused to entertain the plea.