March 2018
11:00 PM IST
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Business News
Debt-laden Aircel to file for bankruptcy at NCLT
(HYDERABAD, Feb 19, 2018):Telecom company Aircel will shortly file for bankruptcy at the National Company Law Tribunal (NCLT) and its board has been dissolved ahead of the move, said two people aware of the matter. That will mark the demise of the last small mobile phone company, leaving just four main non-state ones —soon to be three after a merger.

Malaysian parent company Maxis, run by businessman Ananda Krishnan, had earlier proposed a cash infusion to support the debt-laden company but has pulled the plug, said one of the people.

The company has been in negotiations with lenders since September but has failed to hammer out a recast of its Rs 15,500 crore debt.

“There is no cash to run the business and no visibility to free any more up,” said another person, adding that the company is likely to stop paying salaries by the end of the week.

Aircel declined to comment.

State Bank of India, which heads the group of lenders, didn’t respond to queries.

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