SC AGR verdict HIGHLIGHTS: The Supreme Court has allowed 10 years for staggered payment of adjusted gross revenue (AGR) dues. The court also observed that the payment of annual instalment to be made payable, otherwise, contempt proceedings will begin. Every year by 7th February, payments have to be made. While on the issue of whether spectrum could be subject to insolvency proceedings, the top court declined to decide and asked NCLAT to decide whether the spectrum of insolvent telecom companies can be sold in insolvency proceedings. A bench of Justices Arun Mishra, S Abdul Nazeer and MR Shah pronounced the verdict. Telecom companies have to pay AGR dues along with interest and penalty which is estimated to be around Rs 1.6 lakh crore.
Out of Bharti Airtel’s nearly Rs 43,000 crore total dues, the company has paid nearly Rs 18,000 crore, Vodafone Idea has paid a total of Rs 7,854 crore to DoT towards the AGR dues, against its total AGR dues of around Rs 58,000 crore. While, total AGR dues for Tata Teleservices, as per the DoT, stands at Rs 16,789 crore. Out of which the company has Rs 4,197 crore so far.