Support Telecomtalk
Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Aircel, the debt-laden bankrupt telco is right now going through a big crisis as it is struggling to pile up cash for repaying its dues. As a result, the Department of Telecommunications (DoT) has also given up on any chances of recovering a massive amount of Rs 6,000 crore along with any interest from the insolvent telecom operator. The Department is serious of the thought that the debt-ridden giant which is owned by Malaysia’s Maxis is not the in the position to repay the debt which it owes to the department. Not only this, the department doesn’t even think that the company will be able to repay the fraction of what it owes. It is noteworthy that Aircel owes north of Rs 19,000 crore just to its lenders, and in total it owes about Rs 50,000 crore to its operational and financial creditors.
- Make Telecom Talk My Trusted Source
-
-
A senior official remarked “We have submitted our statement of claims to the interim resolution professional (IRP)… but it will take at least 2-3 years for the complete process which includes determining how much can they pay up and to who all, even after the cash comes.”
Right now, Deloitte’s Vijayakumar Iyer is heading the carrier as the Interim Resolution Professional. He said about the situation “The company will not come back. It (dues) will simply go into our books and their (creditors including banks) books.” This news was reported by ET.
To be specific, the telco owes the government a total sum of Rs 6,666 crores. Out of this total amount, Rs 722 crore stands secured by bank guarantees as part of One Time Spectrum Charge (OTSC). On the other hand, other charges like spectrum usage charge, license fee, interest and penalties are not covered by bank guarantees. Also, the OTSC dues have been challenged in the apex court where the decision is pending about the same.
