SC AGR Hearing HIGHLIGHTS: The Supreme Court continued hearing the case on adjusted gross revenue (AGR) dues of telecom companies and past dues of insolvent firms for the fourth straight day today. A bench comprising Justices Arun Mishra, S Abdul Nazeer and MR Shah heard the matter. The Supreme Court has adjourned the hearing till tomorrow at 2 PM. During the hearing, Justice Arun Mishra said that almost the entire AGR dues will be wiped out in the IBC process. And after the sale of spectrum, the new user will have extinguished any pending demand against the spectrum in question. “A person is not paying but riding the horse. You must pay the price. Until one pays, you can’t use it,” Justice Arun Mishra said. Senior counsel Ravi Kadam, appearing for the monitoring committee of Aircel, said that Trai consultation paper states that spectrum is an intangible asset, which should be shown in the balance sheet. Ranjit Kumar, appearing for CoC of Aircel, said that the government dues are being taken care of under IBC. There is a regime in place. SBI is the lead banker. “If my exposure is the same as AGR, then I should not get any money. All the money will go for satisfying the government dues when IBC says my dues are important,” said Ranjit Kumar.