A failed merger and bailout plan hammered the last nail in Aircel's coffin

The company has decided to go for bankruptcy proceedings in the NCLT, after RCom walked out of merger deal and Maxis gave it a wide berth

For Anand Krishnan, the promoter of Maxis and a majority shareholder in Aircel, it is a tryst he'd like to forget.

On January 25 this year Aircel went into a strategic debt restructuring programme with its lenders. Yet, just a few days later, the Reserve Bank of India (RBI) came out with stiff new rules under which existing SDRs had to be resolved within six months or be referred to the NCLT.

Krishnan and Maxis, who had in their talks with bankers, promised to bring in $250 million as fresh equity into the company, were stumped with the