Indian Banks Balk as Court Surprises With Query on Airwaves Sale
- Court seeks spectrum sharing accords from wireless firms
- India’s Supreme Court to resume hearing the case on Monday
This article is for subscribers only.
Indian lenders rushed to be included in a case involving recovery of $19 billion of past dues from telecom companies after a Supreme Court judge questioned banks’ right to sell insolvent carriers’ airwaves.
Lenders led by State Bank of India in a plea said any move to ban bankrupt companies such as Aircel Ltd. and Reliance Communications Ltd. from selling airwaves, leased from the government, will sink their insolvency resolution process and can cause serious prejudice to lenders, according to people aware of the filing. State Bank didn’t respond to an email seeking comment.