May 27th, 2021 9:20 PM 2 COMMENTS

Jio Approaches NCLT to Understand Why Creditors Termed RComs Accounts Fraudulent

Earlier today Reliance Jio Infocomm or Jio moved the bankruptcy court against Rcom or Reliance Communications tower unit, Reliance Infratel as per ET Telecom. This was done with the intention of seeking disclosures of the forensic audit reports of the tower company whose accounts were called fraudulent by some lenders. In a virtual hearing, Vikram Nankani, representing Jio stated that they wanted a copy of the forensic audit report that... Read More

June 19th, 2020 6:52 PM 4 COMMENTS

UV ARC To Help Aircel With a Resolution Plan Approved by NCLT

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

February 12th, 2020 9:42 AM 0 COMMENTS

Aircel Distributors Approach NCLT Over Unpaid Dues

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

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