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NCLT to hear Aircel’s bankruptcy plea on March 8, 2018

March 05, 2018

The Mumbai bench of the National Company Law Tribunal (NCLT) has scheduled the hearing of Aircel's plea for bankruptcy protection under the Insolvency and Bankruptcy Code, 2016 on March 8, 2018.

The operator has accumulated a debt of approximately Rs 155 billion with its lenders apart from what it owes to its operational creditors.  Aircel filed for bankruptcy on February 28, 2018 as a final resort after it failed to strike any agreement with its lenders and shareholders. It has been learnt that Aircel’s lenders led by the State Bank of India met in Delhi and gave final approval to the terms and conditions to file for bankruptcy.

Initially, banks had accepted the company’s request to undertake strategic debt restructuring. However, with the scrapping of loan recast schemes by the Reserve Bank of India, the operator is left with no option other than filing for bankruptcy.

 
 

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