Supreme Court wants all information on RCom, Sistema, Aircel & Videocon bankruptcy cases
“We need to ensure that the IBC is not being misused by companies to escape liabilities,” a three-judge bench headed by Justice Arun Mishra said on Monday.
Reliance Comm liable to pay SSTL AGR dues, DoT identifies combined liability worth more than Rs 25k cr
In February 2019, RCom filed for ins...
UVARCL expects demand for Aircel spectrum
Ritesh Aggarwal, the chief financial officer told ET that valuation of airwaves and other assets wo...
National Company Law Appellate Tribunal orders Airtel to pay Rs 112 crore to Aircel
According to people aware of the developments, NCLAT overturning National Company Law Tribunal's order will be a setback to Airtel , which may now take the matter to Supreme Court.
NCLT OKs Aircel resolution plan, lenders to take sharp haircuts
Asset reconstruction firm UVARCL was the shortlisted buyer for Aircel's assets and according to people aware, NCLT's Mumbai bench approved the plan but with some modifications. Aircel, which declared bankruptcy in March 2018, for failing to repay debt of Rs 20,000 crore had received claims worth Rs 20,000 crore from lenders and a claim for a similar amount from operational creditors.
Don't expect any further hurdles to sale of Aircel assets, including spectrum: UVARCL CFO
Reviving the business of the company to your previous level seems almost impossible. There were 75 million subscribers in Aircel, who have given up your connection and to restart the telecom services, a huge amount of capital is required. The environment is also not conducive, because the existing players are also struggling.
UVARCL aims to pay Rs 6630 cr to Aircel lenders in five years, spectrum sale may net Rs 800-1300 cr
As per the NCLT order dated June 9 but made public Thursday, the amount translates into an 89% haircut for lenders who had made claims worth Rs 58,760 crore for the telco's outstanding loan amount. Lenders to Aircel and its units Dishnet Wireless and Aircel Cellular include State Bank of India, Bank of Baroda, Punjab National Bank, China Development Bank Corp. and Canara Bank.
NCLT adjourns Reliance Communications and Reliance Telecom case to August 19
According to legal sources, the telecom regulator has filed an application for RCom and Reliance Telecom seeking that provision be made in resolution plan that post paid subscribers get back their unspent money and deposits . Axis Bank also raised a question on its guarantees but both these matters will be heard on August 19 by NCLT.
The little-known Delhi firm behind the Rs 16,000-crore bid for Anil Ambani's telecom assets
Amid rising speculations around RCom's final fate, UVARCL has generated a lot of interest in industry and media circles.
Resolution plan: NCLT to take call on Reliance Communications' assets on Wednesday
The National Company Law Tribunal (NCLT) will decide on August 5 if UV Asset Resolution Co Ltd (UVARCL) and Reliance Jio Infocomm (Jio) are the buyers of RCom’s assets . The two firms have been overwhelmingly voted in favour of the resolution plans submitted by UVARCL and Jio by RCom’s lenders .
Sunil Bharti Mittal calls for review of high levies, taxes on telecom sector
Sunil Bharti Mittal, chairman of Bharti Airtel, has called upon the government to review the high taxes levied upon the telecom sector. The industry leader has asked the government to ensure that the sector aids in growth and development but not at its own cost.
NCLT reserves order on resolution plan of Aircel
In the resolution plan mentioned in National Company Law Tribunal ( NCLT) on Monday, this realisation will happen when UVARCL manages to sell Aircel’s assets. There will be no upfront payment made to the lenders but they will get zero optionally convertible debentures spread over a period of 5 years.
Department of Telecommunications may move SC against moratorium on Aircel spectrum
The DoT’s plan comes after an appellate tribunal dismissed its plea contesting an earlier order declaring that Aircel’s spectrum and licence cannot be taken away while it undergoes insolvency, according to people aware of the matter.
NCLT reserves order on resolution plan of Aircel
In the resolution plan mentioned in National Company Law Tribunal on Monday, this realisation of Rs 6,600 crore will happen when UVARCL manages to sell Aircel’s assets. There will be no upfront payment made to the lenders but they will get zero optionally convertible debentures spread over a period of five years.
Govt backs 20 years to pay AGR dues, Airtel, Voda Idea seek 15 years, SC reserves order
“Heard parties on liability and timeframe for making the payment. While hearing the matter, attempts were made to wriggle out of the liability like asking for reassessment and recalculations,” a three-judge bench headed by Justice Arun Mishra said. “Second innings being played”