Videocon AGR dues: Supreme Court stays 3 weeks on forfeiture of Airtel’s bank guarantee

The Supreme Court on August 24 directed the central government to take at least three weeks to recover the outstanding AGR dues of Videocon Telecom. Bharti Airtel Do not forfeit the bank guarantee.

Let us inform that Airtel had bought the spectrum of Videocon Telecom in the year 2016 for Rs 2428 crore. Videocon owed Rs 1,376 crore of AGR. On August 17, the Telecom Department had issued a notice to Airtel directing it to clear the AGR dues of Videocon.

The DoT had also said that if Sunil Mittal-owned Airtel does not clear the outstanding AGR by the due date, then its bank guarantee will be forfeited. After this notice, Airtel filed a petition in the Supreme Court. In which it was demanded that the DoT should be stopped from forfeiting the bank guarantee.

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As reported by CNBCTV18, the counsel for Airtel argued before the Supreme Court that the spectrum trading guidelines clearly mandate that Videocon should clear all its past dues before entering into any agreement for spectrum trading. was supposed.

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Now the Department of Telecommunications is imposing this responsibility of Videocon on Bharti Airtel. The counsel further argued that even if the liability of Videocon is passed on to Airtel, the payment of Rs 18,004 crore made by Airtel could easily meet the condition of completing 10 per cent payment before March 2021.

Hearing this matter, the Supreme Court today, while granting a three-week stay on the forfeiture of Airtel’s bank guarantee, has allowed Airtel to appeal to the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to settle the matter. can do

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