Vijay Iyer of consultancy firm Deloitte Haskins & Sells has been nominated as insolvency resolution professional (IRP) from Aircel's side to start the resolution process.
According to lawyers present in the court room, the court dismissed all three appeals filed by Reliance Communications and its two companies.
This is the second hurdle for RCom in its attempt to cut Rs 45,000 crore of debt. An arbitration tribunal stalled RCom’s asset sale plan on Monday.
The order came in an arbitration battle being fought between Ericsson and RCom with the Swedish equipment maker trying to recover its dues worth Rs 1,012 cr.
Sivasankaran started the telecom firm in 1999, launching services initially in Tamil Nadu. In 2005, he sold it to Malaysia-based Maxis Communications, founded by Ananda Krishnan.
A spokesperson for RCom — which is trying to pare its Rs 45,000-crore debt — said the operator will soon move the high court against the order.
TDSAT gave Trai three weeks to file its reasons on why the order should not be stayed and asked Airtel and Idea to file their rejoinders within two weeks after that.
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.
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