The ratings have been revised because the Vijay Mallya-promoted defunct carrier's creditors (including bankers) had filed winding up petitions against the company. Furthermore, the company is in a deep financial distress following the cessation of operations and complete erosion of the net worth, CRISIL said a statement.
CRISIL had rated bank facilities, including long-term loans, working capital loans and cash credit, valued at Rs 5,582 crore.
In accordance with agency's criteria, as the rated entity's lenders have requested for liquidation of its secured assets and securities, the outstanding ratings have been rendered meaningless, CRISIL added.