National Company Law Tribunal has admitted Aircel’s bankruptcy petition and directed that directors, promoters and chairman and managing director of the company should not leave the country without permission till further orders.
Aircel is learnt to have nominated Vijay Iyer, senior director, Deloitte India, as interim resolution professional to start the resolution process. “IRP will be appointed and we expect continuation of essential goods and services. The operations of the company should not come to a standstill,” Janak Dwarkadas, senior counsel for Aircel, told The Hindu. Aircel, along with Dishnet Wireless and Aircel Cellular, had filed for bankruptcy in the NCLT Mumbai bench after it failed to reach an agreement with lenders. It owes ₹15,000 crore to lenders and ₹35,000 crore to operational creditors.
Lenders, in January, accepted the company’s request to undertake strategic debt restructuring, but the Reserve Bank of India scrapped loan recast schemes last month, leaving Aircel with no other option but to file for bankruptcy under the Insolvency & Bankruptcy Code, 2016.
The tribunal also rejected GTL Infrastructure’s intervention application stating that operational creditors cannot be party at this juncture.
Law firm J Sagar Associates, along with senior counsel Janak Dwarkadas and Zal Andhyarujina, are advising Aircel in the bankruptcy case.
