Mumbai: Ananda Krishnan-led Aircel has filed for bankruptcy, citing “troubled times” in a “highly financially stressed” industry.
Aircel and two other entities – Aircel Cellular and Dishnet Wireless – on Wednesday filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016 at the National Company Law Tribunal (NCLT), Mumbai.
The fate of the company will be known in nine months (270 days). If no resolution is possible, the assets of the company will be sold off.
Aircel has debts of Rs 15,500 crore and has 85 million subscribers, according to Trai data for December 2017. Close to 74 per cent of Aircel is held by Maxis Communications, while the remaining 26 per c…
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