Lenders may take 90% haircut on Aircel dues; ARC offers to pay Rs 2,000 cr

With over Rs 20,000 crore of bank debt, Aircel's dues are far greater than Jet Airways which sits on debt pile of RS 8,500 crore

The lenders of bankrupt wireless telephony firm Aircel are staring at a massive haircut of 90 per cent after they received just one bid from UV Asset Reconstruction Company (ARC). The ARC has made an offer of Rs 2,000 crore to the lenders, against Rs 20,000 crore dues of the company.

Lenders are expected to vote on UV ARC’s proposal in the last week of April. Results are expected by mid-May, said a source close to the development. If the offer is not accepted by banks, the company will go into liquidation, according to the Insolvency and Bankruptcy Code (IBC)