If a corporate debtor possesses a valid spectrum/telecom licence, then the resolution professional can include it in assets of a corporate debtor. However, this is subject to whether there are any pending dues payable by corporate debtor to the State/telecom licensor.
No, spectrum/telecom licence cannot be included in assets of a corporate debtor. Whether any dues are payable by corporate debtor to the State/telecom licensor is irrelevant. The Supreme Court in State Bank of India v Union of India & Ors 2026 INSC 153 held that spectrum is a finite natural resource that cannot be owned by a private entity.