The Supreme Court of India, on September 1, allowed telecom companies to clear their adjusted gross revenue (AGR)-related dues, amounting to about Rs 1.6 lakh crore, in a staggered manner spread over 10 years.
A three-judge bench of the top court, led by Justice Arun Mishra, however directed the telecom companies to pay 10 per cent of the dues by March 31, 2021.
The Supreme Court rejected a 20-year payment timeline proposed by the central government and supported by telecom companies, which are reeling under piles of debt amid intense competition.
The chairmen of the telecom companies will have to give undertakings for payments, the bench said, adding that a default on payment instalments will invite interest, penalty and contempt of court.
