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 towards liquidation, which will hurt all of its lenders who are trying to recover their money from the company. To... 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. According to an ET Telecom report, the lenders of Aircel and the UV Asset Reconstruction Company Limited (UVARCL) might approach... 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 until the time its legal tussle with the telecom department is over. The company will transfer the money realised from... 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 (IBC) can sell its spectrum to another telecom company. The answer to that question isn’t clear yet. However, ET Telecom... 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 decision of Aircel’s resolution plan. DoT believes that Aircel's resolution plan is actually a liquidation plan. The plan is not... 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 in Adjusted Gross Revenues (AGR). The judgement in October ended a 14 year battle between the operators and the government... 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. The resolution plan is of Rs 6,630 crore and primarily focuses on getting money from zero-coupon optionally convertible debentures. However,... 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 citing “people aware” of the development said that the NCLT Mumbai bench “approved the plan but with some modifications.” Aircel,... 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 to be named either as an operational creditor or a financial creditor, reports PTI. These distributors urged that they have... 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 Airtel or Vodafone Idea or BSNL or MTNL by the end of October 2019, post which they won't be able... 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 and is starting to hurt the lenders of Aircel. On Monday, the department informed the bankruptcy court that Aircel didn't... 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, the employees filed the petition on Wednesday and urged the Apex Court to “initiate contempt proceedings”. This time in the... Read More
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