SBI moves SC in AGR case, says interests of DoT will be protected

Representing RComm, SBI said that the amount payable under a resolution plan shall be paid on priority to operational creditors over financial creditors

State Bank of India (SBI) on Thursday filed a plea in the Supreme Court seeking permission to intervene in the adjusted gross revenue (AGR) matter on behalf of Reliance Communications’ (RCom’s) lenders.

The bank said that the interest of the DoT was adequately protected.

Representing RCom, SBI said the amount payable under a resolution plan would be paid prioritising operational creditors over financial creditors. Therefore, the interests of the DoT — which is an operational creditor — are adequately protected under the terms of the Insolvency and Bankruptcy Code (IBC) and the regulations made there under.

It has sought exemption from filing a