The Committee of Creditors (CoC) of Aircel has approached the Supreme Court (SC) to overrule the order of the National Company Law Appellate Tribunal (NCLAT) that restrict them from selling the spectrum before the overall dues of the company are cleared. Because of the order, Aircel might have to move … Read More
Much recently, the National Company Law Appellate Tribunal (NCLAT) said that the telcos under insolvency process or Insolvency and Bankruptcy Code (IBC) can’t ‘use or transfer’ their spectrum until the time they have cleared all government dues. Because of the decision, RCom and Aircel’s resolution plans have taken a hit. … Read More
Aircel, a former Indian telecom operator, filed for bankruptcy in 2018, is now looking to monetise its assets other than spectrum. The operator will consider appealing for the same at the dedicated bankruptcy court. Aircel wants to monetise its non-spectrum assets for paying salaries to its employees and maintain assets … Read More
The government of India is all set to oppose transfer of the right to use spectrum of bankrupt operators like Reliance Communications and Aircel unless their statutory dues are cleared. The apex court during the hearing of AGR dues matter had also asked whether operators under Insolvency and Bankruptcy Code … Read More
Back in June, the National Company Law Tribunal (NCLT) had approved UV Asset Reconstruction Company Ltd. (UVARCL) to run Aircel’s small units such as enterprise and bulk SMS divisions. The company had to work out a resolution plan for Aircel. But now, the Department of Telecommunications (DoT) has challenged the … Read More
The Supreme Court of India on Monday reserved its order on the petitions filed by the telecom players in India seeking additional time for the payment of the statutory dues. The apex court in October, 2019, said that the statutory dues need to be calculated by adding the non-telecom revenues … Read More
Aircel Ltd filed for voluntary insolvency back in February 2018 because of lack of liquidity and the ability to pay back the debt. It has finally found some help though. The Mumbai bench of National Company Law Tribunal (NCLT) has approved a resolution plan presented by UV Asset Reconstruction Company. … Read More
The National Company Law Tribunal (NCLT) on Tuesday approved a resolution plan of erstwhile telecom operator Aircel, ET Telecom reports. UVARCL, an asset reconstruction firm is said to be the shortlisted buyer for Aircel’s assets. In February, the asset reconstruction company proposed a resolution plan worth Rs 6,630 crore. The publication … Read More
Aircel, the telecom operator which closed operations back in January 2018, is still in the news due to some pending dues. Aircel distributors approached the National Company Law Tribunal (NCLT) on Tuesday in search of classification on financial or operational creditor in the telco’s insolvency matter. Over 53 distributors sought … Read More
The Telecom Regulatory Authority of India (Trai) in the latest release has confirmed that Aircel customers who’re yet to port out to another network will be given a final chance for making a shift. Subscribers of Aircel who are still on the network can choose either Reliance Jio or Bharti … Read More
The Department of Telecommunications (DoT) has asked the bankrupt telecom operator, Aircel, to return its spectrum to the government as it has not yet paid its arrears for the same, reported an ET Telecom report. This non-payment of the arrears has created a significant roadblock for the operator’s bankruptcy process … Read More
In the Supreme Court, a group of 300 employees of Aircel and its subsidiary Dishnet Wireless have filed a contempt petition against Bharti Airtel, the Department of Telecommunications (DoT) and Bharti Hexacom since they could not furnish the bank guarantees worth Rs 453 crores. As per an ET Telecom report, … Read More
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