# Aircel Limited, Dishnet Wireless Limited & Aircel Cellular Limited

> NCLT judgment dated 2020-06-09. Citation: TCN-2020-NCLT-01213. The document pertains to three Interlocutory Applications (IAs) filed under section 30(6) read…

- **Court:** NCLT
- **Order date:** 9 Jun 2020
- **Citation:** TCN-2020-NCLT-01213
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aircel-limited-dishnet-wireless-limited-aircel-cellular-limited-412c1e26

## Summary

### Background

The document pertains to three Interlocutory Applications (IAs) filed under section 30(6) read with section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plans submitted by UV Asset Reconstruction Company Limited for Aircel Limited, Dishnet Wireless Limited, and Aircel Cellular Limited. The applications were filed due to the substantial interweave of businesses between the three corporate applicants, with the resolution plans being in pari materia. The CIRP was initiated following applications under section 10 of the IBC by each of the corporate applicants, with Vijaykumar V. Iyer appointed as the common Interim Resolution Professional (IRP).

## Facts

Aircel Limited, Dishnet Wireless Limited, and Aircel Cellular Limited initiated Corporate Insolvency Resolution Processes (CIRP) by filing applications under Section 10 of the Insolvency and Bankruptcy Code (IBC). Vijaykumar V. Iyer was appointed as the common Interim Resolution Professional (IRP) for all three companies. The applications were admitted on different dates in March 2018. Public announcements were made, inviting creditors to file their claims. The Committee of Creditors (CoC) was constituted and later revised. The verified and admitted financial debt for Aircel Limited was ₹19788,77,30,929/-, for Dishnet Wireless Limited was ₹19488,73,02,930/-, and for Aircel Cellular Limited was ₹19484,70,62,390/-. UV Asset Reconstruction Company Limited (UVARC) and

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## Issues and analysis

### Issue 1: Whether the Resolution Plans submitted by UV Asset Reconstruction Company Limited meet the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The Adjudicating Authority examined the Resolution Plans against the requirements of

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**Interpretation:** Section 30(2) sets out the minimum requirements that a resolution plan must

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**Application:** The Adjudicating Authority determined that the Resolution Plans met the

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## Parties

- **Judges:** Rajasekh…; RavikumarDu…
- **Appellants:** Vijaykumar…
- **Respondents:** Aircel Li…
- **Other parties:** 7th Edition…; spectrum is…; +1 more

## Timeline

- **2018-02-28 — Filing of Appl…**: Aircel Limited, Dishnet Wireless Limited, and Aircel Cellular Limited filed applications…
- **2018-03-12 — Admission of CP (IB)…**: CP (IB) No.298/2018 was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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