Chouhan launches 'Khet Bachao Abhiyan' from Raisen, MP (See 'Corp Brief') PMLA - Special Courts under PMLA cannot take cognizance of prosecution complaint without first giving accused opportunity of hearing, as mandated under first proviso to Sec 223(1) of BNSS: SC (See 'Legal Desk') Gadkari reviews quality of NH Projects in West Bengal and AP (See 'Corp Brief') Digital India BHASHINI & DPIIT sign MoU for Multilingual Access Across India's Investment Ecosystem (See 'Corp Brief') NI Act - After adoption of electronic clearance system, cheque return memo or bank endorsement need not bear seal or signature to be acted upon under Sections 138 and 146: HC (See 'Legal Desk') National Workshop on R&D in Water to drive Bharat's Next Wave of Water Innovation (See 'Corp Brief') PM SVANidhi completes Six Years of Empowering Street Vendors (See 'Corp Brief') DCA reviews implementation of Legal Metrology Reforms in N-E and UTs (See 'Corp Brief') Raksha Mantri & UP Chief Minister inaugurate 'Nausena Shaurya Vatika' in Lucknow (See 'Corp Brief') IBC - Offences u/s 68 and 235A of Code can be prosecuted only before competent Special Court in manner prescribed u/s 236 of Code: NCLT (See 'Legal Desk') A Highway bringing New Possibilities to Heart of Central India: Boregaon to Shahpur (See 'Corp Brief') National Biodiversity Authority realises Rs. 21.26 Crore through Benefit Sharing Mechanism (See 'Corp Brief') Ayushman Bharat Digital Mission crosses Landmark Milestone of 90 Crore ABHA Accounts (See 'Corp Brief') SEBI - Assessee's request for inspection of documents cannot be allowed where these form part of SEBI's internal administrative process & are not necessary for replying to SCN: SAT (See 'Legal Desk') Moratorium under the IBC (See CORP EINSICHT)

Print

NCLT admits Aircel's bankruptcy plea, rejects GTL Infrastructure's intervention

Published: Mar 09, 2018

By TIOLCORPLAWS News Service

MUMBAI, MAR 9, 2018: The National Company Law Tribunal (NCLT) on Thursday admitted the bankruptcy petition filed by Aircel Ltd and rejected the intervention sought by GTL Infrastructure Ltd, an operational creditor of the Chennai-based telecom company.

GTL had earlier filed a case against Aircel in the Delhi High Court over non-payment of dues. It intervened in the bankruptcy case, arguing that the High Court in a 29 January interim order had said that separate applications had to be filed before it for issues such as sale of assets.

However, NCLT said that an operational creditor cannot intervene at this juncture (before the admission of insolvency petition) and admitted Aircel's insolvency plea.

Aircel and its subsidiaries Aircel Cellular Ltd and Dishnet Wireless Ltd together owe around Rs 50,000 cr to creditors. The combined liability of the firms towards financial creditors stands at Rs 15,545 cr and towards operational creditors at around Rs 35,000 cr.

Aircel's lawyer argued that the operator was not prohibited by the high court from filing for bankruptcy, and said the admission of the firm for insolvency proceedings required a sense of “urgency” as several stakeholders were being affected. He said the appointment of an interim resolution professional would increase the probability of maximizing the asset value instead of continuing in a distressed state.

Aircel's assets including spectrum licences and fibre, are valued at around Rs 32,362 cr.

Aircel Group had on 1 December 2017 informed the Telecom Regulatory Authority of India (TRAI) that it intended to surrender its licence in Gujarat, Maharashtra, Haryana, Himachal Pradesh, Madhya Pradesh and Uttar Pradesh (West), following which the company shut services in these circles from 31 January.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.