Supreme Court asked- where the assets of Reliance Communications disappeared in two years

The net worth of Anil Ambani-led Reliance Communications (RCom) has fallen from Rs 37,000 crore to close to Rs 10,000 crore in the last two years. The Supreme Court on Monday asked where the company's assets went missing and sought a response from RCom's resolution professional.

A bench of Justices Arun Mishra, S. Abdul Nazir, and MR Shah expressed surprise when senior advocate Shyam Dewan, on behalf of the resolution professional appointed to manage the affairs of the company after the commencement of the bankruptcy proceedings, said that the company The liquidation value (liquidation value) of Rs. 10,000 crore.

The bench said that the company's net worth was around Rs 37,000 crore as the figure is mentioned in the 2018 top court verdict. At that time, the court was hearing a legal battle between RCom and Ericsson India over the arrears. The bench said, "Where have the assets disappeared?" There is a huge difference between the figures described in the judgment and the current figures. '

As per the plan approved by the Committee of Creditors, the current price of the company includes spectrum, valued at Rs 6,900-7,500 crore. "We will try to correct the figures," Diwan said. The court was hearing arguments from the government and telecom companies on how companies facing insolvency proceedings would pay AGR (adjusted gross revenue) dues.

The court is probing whether Reliance Jio can be directed to pay RCom's AGR dues as it has been using its spectrum since 2016. The government owes Rs 31,000 crore to RCom.