NCLT to hear Aircel bankruptcy plea on March 8

MUMBAI: The National Company Law Tribunal’s Mumbai bench will hear on March 8 debt-laden mobile phone operator Aircel's plea for bankruptcy protection under Insolvency & Bankruptcy Code, 2016.

Aircel, running a debt of Rs 15,500 crore to lenders, besides thousands of crores to operational creditors, Monday sought an urgent hearing on the matter, saying it needs to resume operations.

The Chennai-based operator, majority owned by Malaysia’s Maxis, filed for bankruptcy in NCLT, last week, after over four months of attempts to settle the matter with lenders.


Banks had finally accepted the company’s request to undertake strategic debt restructuring, when the Reserve Bank of India scrapped loan recast schemes and left Aircel with no option other than filing for bankruptcy.