Mumbai : The National Company Law Tribunal has approved Aircel’s plea to initiate insolvency proceedings. However, the tribunal has restrained the company’s promoters, chairman and directors from leaving India.
The tribunal has approved Vijay Kumar Iyer of Delloitte and Co as the interim insolvency professional to oversee the debt resolution. The tribunal rejected the plea of GTL Infrastructure, an operational creditor to the company, seeking details of Aircel’s plea, and to be named party to the case.
Aircel’s total dues are at Rs 50,000 crore—Rs 35,000 crore to operational creditors and Rs 15,000 crore to creditors.
On Feb 28, Aircel, along with its entities Aircel Cellular and Dishnet Wireless, had filed a plea before the tribunal to initiate insolvency proceedings against itself.
Lenders to Aircel had invoked RBI’s strategic debt restructuring scheme against the firm in January. However, with the RBI’s latest guidelines harmonising the timelines of various schemes with that of the Insolvency and Bankruptcy Code, 2016, Aircel decided to resolve its debt under the code.