Aircel Network Issues | Debt Laden Aircel file for bankruptcy

Aircel, the telecommunication company of India is about to file for bankruptcy at the National Company Law Tribunal (or NCLT). In addition, the board of Aircel has already been dissolved. Know Aircel Network Issues, Why Debt-Laden Aircel file for bankruptcy.


Debt-Laden Aircel India file for bankruptcy | Aircel Network Issues

Debt Laden Airtel India file for bankruptcy - Aircel Network Issues

Debt-Laden Aircel India file for bankruptcy – Aircel Network Issues

It is known that the company holds a debt of Rs. 15,000 Crore to the debtors.  The parent company Maxus, once announced for support, which was later rejected. Company lacks financial support and sooner the 5,000 employees will have to face salary less work.  The primary lender of Aircel, namely State Bank of India.

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In fact, the company failed to pay the lenders from the past September.  The severe competitions among other state network providers lead the Aircel in its crisis situation. Aircel showcased its profit of Rs 120 Crore in the year 2016, which gradually decreased by 5 Crores in the year 2017.

Also, current Aircel customers are unable to port out.

Debt-Laden Aircel India file for bankruptcy | Aircel Network Issues

As a result of this, Aircel stopped working on its 6 circles already. This will eventually lead to hitting the employees, partners, and the tower lending operators.  Moreover, Idea has laid a Rs 60 Crore debt to Aircel for the three months. The act of bankruptcy, initiated by RBI following all debt revamp scheme.

At present, Aircel plans to merge with Reliance communications. Moreover, to replace the dissolved directors in the board, Sandeep Vats, Prakash Mishra, and Lakshmi Subramaniam have already taken charge.

The official website of aircel is also not working it’s showing an error.

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