SBI seeks review of SC verdict that ‘spectrum’ does not count as an asset in IBC proceedings

The State Bank of India has moved a petition in the Supreme Court seeking a review of its February 13 judgment, which held that spectrum, a finite public resource, cannot be used as “assets” owned by telecom service providers (TSPs) during Insolvency and Bankruptcy Code proceedings.

The bank (SBI), acting on behalf of creditors to the bankrupt Aircel group, said the judgment had a far-reaching impact on lenders in insolvency and liquidation proceedings. It argued that the verdict may potentially affect bank financing and risk assessment.