Aircel files for bankruptcy, cites Jio's disruptive entry as a reason

Firm said legal and regulatory challenges, high level of unsustainable debt and increased losses are other reasons

Telecom operator Aircel today said it has filed for bankruptcy as the company has been facing "troubled times" in "highly financially stressed" industry.

In a statement here, Aircel said that intense competition following the disruptive entry of a new player like Reliance Jio, legal and regulatory challenges, high level of unsustainable debt and increased losses had together caused significant "negative business and reputational impact" on the company.

"The Board of Directors of the Corporate Debtor today announced that they have filed an application under Section 10 of the Insolvency and Bankruptcy Code 2016 for undertaking Corporate Insolvency Resolution Process for