The company owes about Rs 15,000 crore to its financial creditors and the rest to its operational creditors, or those who provide it services.
The company suffered sudden network outages in late February, sending hundreds of customers to Aircel’s retail outlets seeking to port out of the network.
Intense competition in India’s telecom market has hurt operators including Aircel, which is facing partial network shutdowns and going through a cash crunch.
As of end-January, Aircel had nearly 81.4 million subscribers — of them only around 50 million were active users — having lost 3.5 million users in one month.
Aircel said its talks with lenders and shareholders failed to yield a consensus on restructuring its Rs 15,500-crore debt and getting funding, leaving resolution under IBC 2016 as its only option.
ET spoke to Aircel distributors across telecom circles, who said they were still awaiting the management to spell out its next course of action.
This last resort was taken when the Malaysia-owned Maxis company failed to strike a truce with its lenders and shareholders.
The Ambani owned operator with 160 million subscribers refused to buy the industry body’s reasons.
Aircel is considering filing for bankruptcy in the NCLT, ET reported last Sunday, likely marking the demise of the last small mobile phone company.
Executive search firms, which have already received several resumes from Aircel employees, expect the number to shoot up post Aircel’s warning letter to its team members early this week.
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