Where have RCom assets disappeared in 2 years: SC

New Delhi: As the net worth of the Anil Ambani-led RCom nosedived from over Rs 37,000 crore to around Rs 10,000 crore in the last two years, the Supreme Court on Monday asked where did the assets of the company “disappear” and sought a response from RCom’s resolution professional.A bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah expressed surprise when senior advocate Shyam Divan, appearing for the resolution professional appointed to manage the affairs of the company after insolvency proceedings were initiated, said the liquidation value was around Rs 10,000 crore.The bench pointed out that the net worth of the company was around Rs 37,000 crore as that figure was mentioned in the apex court judgment of 2018 when the court was hearing the legal battle between RCom and Ericsson India over clearing of dues.“Where have the assets disappeared? There is a huge difference in the figure mentioned in the judgement and the current figure,” the bench said. According to the resolution plan approved by the committee of creditors, the current value of the company includes spectrum whose worth is in the range of Rs 6,900-7,500 crore. “We will try to reconcile the figures,” Divan said.At the outset, solicitor general Tushar Mehta told the court that there is divergence of opinion between two ministries — department of telecommunication (DoT) and the ministry of corporate affairs (MCA) — on whether the spectrum could be sold under the insolvency proceedings. He said DoT believes that spectrum, being a natural resource owned by the government, cannot be sold under insolvency proceedings, a stand which is opposed by MCA. 77600181He said the issue has to be ultimately decided by the court but the DoT stand seemed valid in the light of SC verdict on how the allocation of natural resources should be done by the government. Responding to the court’s query whether a company, which is sharing the spectrum of another telco, could be made liable to clear AGR dues, Mehta said the government supports the view by which it will get revenues from the parties.

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