While the Swedish telecom equipment maker Ericsson has reached the Delhi High Court against Aircel and its units for recovery of arrears worth Rs 251.40 crore, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has extended a stay on encashment of both financial and performance-based bank guarantees of Aircel, saying it will wait till the Supreme Court hears a separate matter on one-time spectrum charges in a case involving Aircel and DoT in near future.
Aircel is owned by Malaysia’s Maxis, and it is under a debt of Rs 50,000 crore which includes Rs 19,889 crore owed to operational lenders, such as Ericsson.
As a matter of fact, NCLT's Mumbai bench had accepted Aircel's bankruptcy petition recently. Banks had accepted Aircel’s request to undertake strategic debt restructuring. But the Reserve Bank of India’s decision to scrap loan recast schemes left Aircel with no option but to file for bankruptcy under the Insolvency & Bankruptcy Code.
The TDSAT also barred the telecom department (DoT) from encashing bank guarantees of Aircel amounting to more Rs 1,200 crore, in a partial relief to the troubled telecom operator.
Source: http://cablequest.org/index.php/news/legal-news/item/12454-ericsson-files-petition-in-delhi-hc-to-recover-aircel-dues-tdsat-bars-dot-from-encashing-aircel%E2%80%99s-bank-guarantees
As a matter of fact, NCLT's Mumbai bench had accepted Aircel's bankruptcy petition recently. Banks had accepted Aircel’s request to undertake strategic debt restructuring. But the Reserve Bank of India’s decision to scrap loan recast schemes left Aircel with no option but to file for bankruptcy under the Insolvency & Bankruptcy Code.
The TDSAT also barred the telecom department (DoT) from encashing bank guarantees of Aircel amounting to more Rs 1,200 crore, in a partial relief to the troubled telecom operator.
Source: http://cablequest.org/index.php/news/legal-news/item/12454-ericsson-files-petition-in-delhi-hc-to-recover-aircel-dues-tdsat-bars-dot-from-encashing-aircel%E2%80%99s-bank-guarantees
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