Aircel Cellular Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor sought to be declared insolvent, referring to the Reserve Bank of India's (RBI) guidelines issued on February 12, 2018, regarding the resolution of stressed assets. The application was filed due to the company's inability to run its business effectively due to financial constraints and pressing demands from creditors. An intervener, GTL Infrastructure Limited, an operational creditor, approached the court seeking to be a party to the litigation, citing a pending case in the Delhi High Court where Aircel was restrained from disposing of its assets.
Aircel Cellular Limited filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP). The company cited financial difficulties and the need to restructure its stressed assets, referring to the Reserve Bank of India's (RBI) guidelines on resolving stressed assets. The company's bank account, a Trust and Retention Account (TRA), was frozen by the banks, hindering its operations and ability to pay staff. GTL Infrastructure Limited, an operational creditor, sought to intervene, citing a pending case in the Delhi High Court where Aircel was restrained from disposing of its assets. Aircel had outstanding debts, including long-term facilities from the State Bank of India and
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The Insolvency and Bankruptcy Code, 2016 (IBC)…
Reserve Bank of India (RBI) issued…
Aircel Cellular Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor sought to be declared insolvent, referring to the Reserve Bank of India's (RBI) guidelines issued on February 12, 2018, regarding the resolution of stressed assets. The application was filed due to the company's inability to run its business effectively due to financial constraints and pressing demands from creditors. An intervener, GTL Infrastructure Limited, an operational creditor, approached the court seeking to be a party to the litigation, citing a pending case in the Delhi High Court where Aircel was restrained from disposing of its assets.
Aircel Cellular Limited filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP). The company cited financial difficulties and the need to restructure its stressed assets, referring to the Reserve Bank of India's (RBI) guidelines on resolving stressed assets. The company's bank account, a Trust and Retention Account (TRA), was frozen by the banks, hindering its operations and ability to pay staff. GTL Infrastructure Limited, an operational creditor, sought to intervene, citing a pending case in the Delhi High Court where Aircel was restrained from disposing of its assets. Aircel had outstanding debts, including long-term facilities from the State Bank of India and
…The Insolvency and Bankruptcy Code, 2016 (IBC)…
Reserve Bank of India (RBI) issued…