This January 23 deadline for payment may not apply to non-telecom companies
which too have been asked to pay substantial amounts in past dues, Kotak Institutional Equities said in a note.
"From a legal standpoint, the only option available to the telcos now is a curative petition," it said.
The rules around curative petition are fairly tight as the petitioner has to establish that there was a genuine violation of principles of natural justice, it said adding the court can impose 'exemplary' costs to the petitioner if the plea lacks merit. "We note that curative petitions are rarely admitted." ICICI Securities said Bharti Airtel
has already raised capital of $3 billion, which should help it meet the burden. "But the same remains a herculean challenge for VIL – a challenge that cannot be resolved without government intervention, in our view." Though Bharti Airtel
and VIL can still file a curative petition, "the probability of resolution remains bleak," it said.
UBS Group said the ruling raises risks for lenders to the companies. "IndusInd, Yes Bank and SBI appears to have relatively high exposure to Vodafone Idea," it said.