Connect with us

Headlines of the Day

Aircel might seek NCLT permission to sell non-spectrum assets

Aircel is planning to file an appeal in the NCLT (National Company Law Tribunal) for permission to sell non-spectrum assets such as fibre, enterprise, bulk SMS business and data centre.

The telecom company, which is going through insolvency proceedings, intends to use the money for maintenance and payment of staff’s salaries, The Economic Times reported.

Aircel and the Department of Telecommunications (DoT) are currently in a legal tussle over the spectrum sale.

“An option is to appeal to the NCLT to allow us to sell assets, besides spectrum, put money in the escrow account and use it for maintenance and paying the roughly 200 employees,” a source told the publication.

Aircel had filed for bankruptcy in 2018. Deloitte, the resolution professional, is managing Aircel’s assets sale process.

Deloitte declined to comment when contacted by The Economic Times.

In September 2020, the Supreme Court said The National Company Law Appellate Tribunal (NCLAT) should decide on spectrum sale by Aircel’s creditors. Moneycontrol

Copyright © 2023 Communications Today

error: Content is protected !!