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The National Company Law Tribunal (NCLT) on Friday dismissed the bankruptcy proceedings against GTL Infrastructure, a telecom tower firm and its associate company GTL, saying both the companies are financially viable and have enough cash flow to repay their debt.
In two separate orders, the NCLT’s Mumbai bench said GTL Infrastructure has repaid Rs 16,915 crore to its lenders between 2011 and 2018, which shows the company is reasonably healthy and can repay its sustainable debt. The company generates monthly revenues of Rs 120 crore, which is net of taxes, the order dated November 18 said.
The court said several
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