The State Bank of India (SBI) has filed a review petition with the Supreme Court of India concerning a ruling from February 13, 2026, which stated that telecom spectrum cannot be treated as an asset during insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. SBI, representing the Committee of Creditors (CoC) for Aircel group entities, contends that the ruling contains 'errors apparent on the face of the record' and could lead to significant injustice for stakeholders. The bank argues that the judgment failed to address crucial questions about lenders' security interests and the classification of government dues as operational debt. SBI warns that this ruling could disrupt financing across regulated sectors such as telecom, mining, and infrastructure, potentially forcing banks to reassess their lending practices. The Supreme Court's decision arose from the insolvency cases of Aircel Limited and its affiliates, which defaulted on license fees and spectrum usage charges. The court ruled that spectrum, although recorded as an asset, cannot be included in the insolvency asset pool, thereby limiting the rights of creditors. SBI's review petition aims to clarify these issues and protect the rights of lenders, emphasizing that the court's ruling could have 'grave and irreversible' consequences for the economy.