Sovereignty Over Spectrum

J.s Position Note. The Supreme Court’s judgment in State Bank of India v. Union of India & Ors. (Aircel Group Matters) dated 13 February 2026 addresses a foundational question at the intersection of insolvency law and sovereign resource governance. The Court was called upon to determine whether telecom spectrum, the core economic driver of telecom enterprises, can be treated as a restructurable asset under the Insolvency and Bankruptcy Code, 2016, or whether it remains a sovereign public resource regulated under the Indian Telegraph Act, 1885 and therefore beyond the insolvency estate. In resolving this tension, the Court has clarified the constitutional limits of the IBC’s overriding effect and reaffirmed the public trust character of natural resources. This position paper analyses the judgment’s doctrinal foundations, statutory implications, and its structural impact on telecom insolvencies and regulated industries.