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Bharti Airtel begins process of payment to Aircel

January 11, 2019
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Bharti Airtel has begun the process of its payment to Aircel, which needs the money to maintain its assets and pay salaries to its 3,000 employees. Following this development, Aircel has decided to delay the contempt proceedings in the Supreme Court (SC).

As per Airtel officials, the operator has released the entire due amount, in line with the SC’s order. On the other hand, officials at Aircel have stated that they have received only 3.41 billion out of the total due amount of Rs 4.53 billion.

Earlier, in November, 2019, the SC had ordered Airtel to make the payment in November, 2019. Recently, the SC had allowed 300 Aircel employees to file a contempt case against Bharti Airtel, its unit Bharti Hexacom and the Department of Telecommunications (DoT) for not returning the amount as they needed the payment to meet their basic needs.

At present, Aircel already under a debt of Rs 190 billion has almost completed the corporate insolvency resolution process. In this regard, the operator has been trying to sell its assets such as its fibre network and infrastructure afloat so that they can fetch good sale value. To this end, the National Company Law Tribunal has granted time till later this month to find buyers for its assets.

 
 
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