The National Company Law Tribunal (NCLT) has reserved its order on the resolution plan of Aircel, whose proposed buyer is asset reconstruction firm UV Asset Reconstruction Company Limited (UVARCL).
As per Aircel’s resolution plan, the total realisation for financial creditors will be Rs 66 billion, against claims of about Rs 200 billion.
The realisation will happen when UVARCL manages to sell Aircel’s assets, as per NCLT. There will be no upfront payment made to the lenders. However, they will get zero optionally convertible debentures spread over a period of five years.