Claims not part of resolution plan extinguished after its approval: SC
By IANS |
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Supreme Court. (File Photo: IANS). Image Source: IANS News
New Delhi, April 13 : The Supreme Court on Tuesday said when the resolution plan is approved by the National Company Law Tribunal (NCLT), the claims, which are not part of the plan, would stand extinguished and the proceedings related to them stand terminated.
A bench of Justices R.F. Nariman, B.R. Gavai and Hrishikesh Roy said: Since the subject matter of the petition are the proceedings, which relate to the claims of the respondents prior to the approval of the plan, in the light of the view taken by us, the same cannot be continued. Equally the claims, which are not part of the resolution plan, shall stand extinguished.
NCLAT says lenders cannot treat telcos spectrum as security interest under insolvency proceedings
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Last Updated: Apr 13, 2021, 10:59 PM IST
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Synopsis
NCLAT on Tuesday ruled that debt-ridden telecom companies undergoing insolvency proceedings cannot claim rights to their spectrum, which is a natural resource unless requisite spectrum usage payments have been made to the government.
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The National Company Law Appellate Tribunal (NCLAT) on Tuesday ruled that debt-ridden telecom companies undergoing insolvency proceedings cannot claim rights to their spectrum, which is a natural resource unless requisite spectrum usage payments have been made to the government. In what could be a landmark judgement amid multiple telecom players undergoing proceedings under the insolvency law, a three-member bench of the tribunal also made it clear that spectrum cannot be treated as a security interest by the lenders .
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