UVARCL, which has the clearance of the National Company Law Tribunal (NCLT) to acquire Aircel, will approach the SC in the next couple of days to prevent any delay in the asset monetisation of the telecom operator, the person said. “The dedicated bankruptcy court (NCLT) has already given its nod and UVARCL has to protect its assets now.”
Aircel, RCom lenders likely to challenge NCLAT order on spectrum sale
The NCLAT order on spectrum sale may block transfer of Aircel and RCom spectrum to UVARCL and leave Indian and foreign banks with non-performing assets of around Rs 60,000 crore as claimed by the lenders
PTI | April 19, 2021 | Updated 08:04 IST
Lenders of debt-ridden telecom firms Aircel and Reliance Communications are planning to challenge the ruling of company law tribunal NCLAT over spectrum sale as they fear it will lead to NPAs of around Rs 60,000 crore claimed by them.
The National Company Law Appellate Tribunal (NCLAT) in its order dated April 13 had ruled that the spectrum cannot be utilized without payment of requisite dues which cannot be wiped off by triggering CIRP (Corporate Insolvency Resolution Process) under I&B (Insolvency and Bankruptcy) Code .
Aircel & RCOM steering towards liquidation, resulting in Rs60,000 Cr NPA for Indian and Foreign Banks moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 crore NPA for Indian and Foreign Banks
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Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 crore NPA for Indian and Foreign BanksIANS
Last Updated: Apr 18, 2021, 12:29 PM IST
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According to experts, based on the NCLAT Judgement, the Resolution Plan of UV Asset Reconstruction Company Ltd. (UVARCL) for Aircel, which was approved in June 2020, will be unworkable and the company will be heading for liquidation, resulting in zero recovery for Rs 18,000 crore owed to the lenders.
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The National Company Law Appellate Tribunal (NCLAT) ruling of last week in the Aircel vs Department of Telecommunications (DOT) case has cast a shadow on the resolution plans of Aircel and Reliance Communication Ltd. (RCOM).
Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 Cr NPA for Indian and Foreign Banks
By IANS |
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Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 Cr NPA for Indian and Foreign Banks. Image Source: IANS News
New Delhi, April 18 : The National Company Law Appellate Tribunal (NCLAT) ruling of last week in the Aircel Vs. Department of Telecommunications (DOT) case has cast a shadow on the resolution plans of Aircel and Reliance Communication Ltd. (RCOM).
According to experts, based on the NCLAT Judgement, the Resolution Plan of UV Asset Reconstruction Company Ltd. (UVARCL) for Aircel, which was approved in June 2020, will be unworkable and the company will be heading for liquidation, resulting in zero recovery for Rs 18,000 crore owed to the lenders.