Lenders looking to enforce guarantees of former promoters of Aircel

Maxis gave Rs 12,000 cr guarantees to SBI

Lenders of Aircel Ltd are looking at the option to invoke the corporate guarantees given by the former promoters of the wireless telephony company. The company had defaulted to Rs 20,000 crore of debt and was sent to the National Company Law Tribunal (NCLT) in 2018.

State Bank of India has Rs 12,000 crore of corporate guarantees given by Aircel’s Malaysian promoter, Maxis.  “The onus is on SBI to invoke the guarantees but the bank has a difficult task in hand ahead as Maxis has no operations in the country,” said a banking source. Maxis, a multi-billion dollar conglomerate in