Airwaves Not Assets - Supreme Court Puts Spectrum Beyond Lender's Reach in Proceedings Under IBC

In State Bank of India v Union of India & Ors., 2026 INSC 153 (Judgment) the Hon’ble Supreme Court (SC) examined the treatment of spectrum and telecom licenses in corporate insolvency resolution proceedings of telecom companies under the Insolvency and Bankruptcy Code, 2016 (IBC) in the background of the prevailing telecom law regime which regulates allocation of spectrum to a telecom service provider (TSP) by Department of Telecommunications (DoT).