Lawstreet Journal

Aircel Distributors File Application In NCLT Seeking Clarification On The Definition Of ‘Other Creditor’

Lawstreet Journal 13 Feb 2020 2:32am

Image courtesy: Lawstreet Journal Business Aircel Distributors File Application In NCLT Seeking Clarification On The Definition Of ‘Other Creditor’

On February 11, 2020, more than 53 Aircel distributors have filed application in National Company Law Tribunal (NCLT) seeking to classify distributor as Financial creditor or operational distributor. As more than 53 distributors have been affirmed as the other creditor by the resolution professional of Aircel. The distributor informed tribunal that Aircel has not returned money or delivered products, such as vouchers and other products, which distributors had purchased under the distributorship agreement, which was in force till February 2018.

Meanwhile, Indus Towers sought directions from the NCLT against the resolution professional, saying it is opposed to the resolution plan. The company claimed that Aircel, Aircel Cellular and other connected companies owe Indus Towers Rs 843 crore. Further, in this regard, Indus Towers has raised objection that resolution professional does not show entire figure in resolution plan.

The tribunal has scheduled both pleas for next week.

Aircel group had on December 1, 2017 informed Telecom Regulatory Authority (Trai) that it intended to surrender its entire licence in Gujarat, Maharashtra, Haryana, Himachal, Madhya Pradesh and Uttar Pradesh-West circles, following which the company shut services in these circles from January 31, 2018. On February 22, 2018, Aircel had informed Trai that it was facing deep financial stress. Subsequently, Trai asked it to give time to its subscribers to shift to other networks.

Aircel and its subsidiaries Aircel Cellular and Dishnet Wireless together owe around Rs. 50,000 crores to creditors. The combined liability of the firms towards financial creditors stands at Rs. 15,545 crores and around Rs.… Continue Reading...

Tagged: Telecom Regulatory Authority of India   National Company Law Tribunal  
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Did you find this write up useful? YES 4 NO 0
Azizul hoque choudhury   23 Aug 2023 11:35am
My all amount no recovery At that timefrom Aircel
Kamal Hasan dhar   4 May 2021 10:46pm
Azizul Haque Choudhary   20 Mar 2021 11:45am
Sir plz help me. Our stock aircel rcv and lapu no return aircel at that time
Azizul Hoque choudhury   14 Jun 2022 1:13pm
Sir help me
AZIZUL hoque choudhury   20 Mar 2021 11:01am
Sir aircel dont return my lmp lapu and rcv stock belence at this time.but why.plz help me
Azizul Hoque choudhury   21 Nov 2020 1:29pm
I am an LMP AIRCEL.NOW WHAT i do my stock aircel RCV and LAPU BLANCE.PLZ HELP ME
Azizul HOQUE CHOUDHURY   8 Mar 2020 2:40pm
What i do our stock Aircel RCV and Lapu balance?

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