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NCLT approves a resolution plan for Aircel; UVARCL likely to get assets

When contacted, the resolution professional refused to comment on the order

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In February 2018, the telco had itself filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (Code) after the company failed to repay its loans

T E Narasimhan Chennai

2 min read Last Updated : Jun 10 2020 | 12:38 AM IST

The National Company Law Tribunal (NCLT) on Tuesday approved a resolution plan for Aircel, submitted by asset reconstruction firm UV ARCL. It has offered just 1.5 per cent of the total bank dues of Rs 20,000 crore owed by the company.

When contacted, the resolution professional refused to comment on the order.

In February 2018, the telco had itself filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (Code) after the company failed to repay its loans.

It was stated that the operator was facing trouble in a financially stressed industry, owing to intense competition, legal

Topics : National Company Law Tribunal aircel

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