Supreme Court questions R.Com’s asset erosion
The net worth of Anil Ambani led R.Com had fallen from over Rs. 37,000 crores to around Rs. 10,000 crores in the last two years. In this backdrop, the Supreme Court (SC) asked the R.Com’s resolution professional to disclose the whereabouts of the company’s assets in the past two years.
The SC is also examining the possibility of giving directions to Reliance Jio to clear the Adjusted Gross Revenue (AGR) dues of R.Com as the company has to pay Rs. 31,000 crore to the government.
The court was also hearing the plea of the government and the telecom operators as to how companies can clear their AGR dues. In this respect, the Department of Telecom opined that spectrum is a natural resource owned by the government which cannot be sold under insolvency proceedings. However, the Ministry of Corporate Affairs thought otherwise.
