Indian Court Refuses to Back Down on $19 Billion Telecom Dues

India’s top court ruled out a reassessment of $19 billion in past dues to be paid by telecom companies, a move that could send indebted carrier Vodafone Idea Ltd. into bankruptcy.

A three-judge panel, headed by Justice Arun Mishra, said it will consider a proposal by Prime Minister Narendra Modi’s administration seeking a 20-year payment plan for dues worth 1.4 trillion rupees. The years-long case centers around the dispute between the government and mobile carriers over how license and spectrum fees are calculated.

Shares of Vodafone Idea plunged as much as 44% after the court threatened to send heads ...