DoT tells NCLT it’s opposed to any RCom resolution that nullifies statutory dues

By Sarkaritel August 22, 2020 07:19

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New Delhi, Aug 22  The Department of Telecommunications (DoT) has told the National Company Law Tribunal (NCLT) that DoT remains fundamentally opposed to any resolution plan of RCom and RTL that involves nullifying the DoT’s statutory dues payable under the licence agreement of the Indian Telegraph Act.

The DoT filed a 19-page affidavit before NCLT Mumbai on Friday and prayed that the resolution plan be set aside.

The DoT has requested the NCLT that in the light of the matter of insolvency of RCOM and RTL being subjudice in the Supreme Court, the decision on the resolution plans should not be taken, according to banking sources.

The department argued that the proposed resolution plans are contrary to public interest and the resolution applicants have no intention of reviving RCOM and RTL.

The current resolution plans are mere arrangements to dispose of the assets of RCOM and RTL, the DoT said.

The DoT has outstanding dues of over Rs 31,000 crore and nothing has been allocated to DoT. The present resolution plan clearly manifests a discrimination against the DoT.

The department wants that the resolution professional should formally take approval from the DoT for the transfer of licence to the resolution applicant.

The DoT has claimed that spectrum cannot be reallocated to any third party.

RCOM and RTL’s resolution plan adjudication by NCLT Mumbai has been adjourned to September 8.

By Sarkaritel August 22, 2020 07:19