Aircel Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was prompted by the necessity to declare the company insolvent, referring to the Reserve Bank of India's guidelines issued on February 12, 2018, which addressed the resolution of stressed assets. The company faced financial difficulties, including a freeze on its bank accounts, leading to an inability to pay staff salaries and potentially causing the suspension of its telecom license. An intervener, GTL Infrastructure Limited, also approached the court, seeking to represent its interests as an operational creditor, claiming a significant amount due from Aircel.
Aircel Limited, a corporate entity, filed an application under Section 10 of the Insolvency & Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company cited the necessity of being declared insolvent due to financial distress. The Reserve Bank of India (RBI) issued guidelines on February 12, 2018, addressing the resolution of stressed assets, which prompted the application. Aircel's bank accounts were frozen, hindering its ability to pay staff salaries and potentially leading to the suspension of its telecom license. GTL Infrastructure Limited, an operational creditor, intervened, claiming approximately 800 crores in unpaid dues and arguing that a Delhi High Court order restrained Aircel from taking further steps. Aircel
…Sign in to view the parties.
The Insolvency and…
Reserve Bank of India (RBI) issued guidelines…
Aircel Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was prompted by the necessity to declare the company insolvent, referring to the Reserve Bank of India's guidelines issued on February 12, 2018, which addressed the resolution of stressed assets. The company faced financial difficulties, including a freeze on its bank accounts, leading to an inability to pay staff salaries and potentially causing the suspension of its telecom license. An intervener, GTL Infrastructure Limited, also approached the court, seeking to represent its interests as an operational creditor, claiming a significant amount due from Aircel.
Aircel Limited, a corporate entity, filed an application under Section 10 of the Insolvency & Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company cited the necessity of being declared insolvent due to financial distress. The Reserve Bank of India (RBI) issued guidelines on February 12, 2018, addressing the resolution of stressed assets, which prompted the application. Aircel's bank accounts were frozen, hindering its ability to pay staff salaries and potentially leading to the suspension of its telecom license. GTL Infrastructure Limited, an operational creditor, intervened, claiming approximately 800 crores in unpaid dues and arguing that a Delhi High Court order restrained Aircel from taking further steps. Aircel
…The Insolvency and…
Reserve Bank of India (RBI) issued guidelines…