The judgment of the Supreme Court has provided doctrinal clarity on the vexed issue of the treatment of spectrum under the IBC, but this clarity has come at a considerable cost.

The Circular eases barriers to entry and rationalised procedures by aligning capital markets in India with global best practices, and facilitated efficiency without compromising regulation. However, regulatory trust cannot exist in a vacuum. The lack of well-defined eligibility criteria, long compliance periods with the lack of well-established event monitoring, and the overdependence on intermediaries also create the issues of arbitrariness, supervisory dilution, and fragmen

This referral raises a more foundational question in contract law and arbitration: what occupies a higher pedestal, absolute party autonomy or entitlement to a legal remedy upon breach?