AGR Verdict Highlights: Court gives order to allow Telecom Operators to pay their dues in 10 years instead of 20 years
The Supreme Court Tuesday held that telecom firms will get 10 years to clear their balanced gross income or AGR contribution, and that the National Company Law Tribunal (NCLT) ought to choose whether or not range can be sold under the Insolvency and Bankruptcy Code.
The top court likewise said because of the current Covid-19 circumstance, telcos should pay 10 percent of the all out contribution by March 31, 2021.
What did the Supreme Court rule on AGR levy?
In its judgment Tuesday, the top court gave all telcos a 10-year timetable to finish the installments of AGR contribution, rather than the old 20-year plan proposed by the DoT.
The top court likewise guided telcos to pay 10 percent of the all out AGR contribution by March 31, 2020, after which they can make installments in yearly portions somewhere in the range of 2021 and 2031.
Telecom organizations would likewise need to make installments prior to February 7 consistently. The non-installment of duty at whatever year would prompt gathering of intrigue and welcome scorn of court procedures against such organizations. The overseeing heads of the telcos which are needed to pay AGR will store an individual assurance inside about a month from today.
A critical issue of whether the range could be sold under Insolvency and Bankruptcy Code will currently be chosen by the National Company Law Tribunal, the Supreme Court said.
