Mumbai: Aircel<\/a> is considering filing an appeal in the dedicated bankruptcy court to allow it to sell other assets besides spectrum and use the money for maintenance and paying salaries till the legal battle over airwaves between the telecom department and the defunct telecom operator is resolved. “一个选择是吸引NCLT(国家公司法法庭)允许我们出售资产,除了频谱,托管账户把钱,用它来维护和支付约200员工,”一位高管意识到这件事告诉ET在匿名的情况下。 孟买:Aircel正在考虑申请上诉在专门的破产法庭允许它抛售其它资产除了光谱和使用维护和支付工资的钱到之间的官司在电视广播已倒闭的电信运营商的电信部门和解决。 Mumbai: Aircel<\/a> is considering filing an appeal in the dedicated bankruptcy court to allow it to sell other assets besides spectrum and use the money for maintenance and paying salaries till the legal battle over airwaves between the telecom department and the defunct telecom operator is resolved.
“An option is to appeal to the NCLT<\/a> (National Company Law Tribunal<\/a>) 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,” an executive aware of the matter told ET on condition of anonymity.
Other assets include fibre<\/a>, enterprise, bulk SMS business and data centre.
Under the insolvency process, Deloitte<\/a> is running the bankrupt telco<\/a>’s asset sale process, being the resolution professional. The consultancy firm declined to comment.
There has already been a roughly 50% erosion in the value of the bankrupt telco’s assets due to regulatory delays.
Aircel’s spectrum in the 1800 MHz and 2100 MHz spectrum is its most prized possession, and a large part of its asset monetisation hinged on these airwaves.
“The court order came in June last year. Since then there have been regulatory delays and the result is that asset monetisation has not happened. Salaries to employees are getting delayed and there is not much money left to maintain assets,” said a second executive.
The court order referred to by the person is the resolution plan approved by NCLT in June 2020 which allowed UV Asset Reconstruction Company<\/a> (UVARCL<\/a>) to buy Aircel and its two units for a 74% stake, with an aim to repay about Rs 6,630 crore to the bankrupt telco’s financial creditors within five years. The amount then signified an 89% haircut for lenders who had made claims worth Rs 58,760 crore on the telco's outstanding loan amount.
Now, according to the executives cited earlier, there may be a drastic devaluation of as much as 50% in assets due to regulatory delays. This spells a recovery of only about Rs 3,000 crore for the lenders, said the executive.
<\/p>Read also<\/h4>
![](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/a><\/figure>Delhi HC stays RBI show cause notice to UVARCL<\/a><\/h5><\/div>
<\/a><\/figure>Department of Telecom set to oppose sale of Aircel, RCom spectrum unless AGR dues paid<\/a><\/h5><\/div><\/div><\/div>
Regulatory delays include direction from the appellate court on whether spectrum – the most prized asset – can be sold when Rs 14,000 crore of statutory dues remain. Besides, an approval from the Reserve Bank of India (RBI), which had rejected UVARCL's involvement in Aircel's resolution proposal earlier, is awaited.
The banking regulator rejected UVARCL’s bid on the grounds that asset reconstruction companies (ARCs) cannot infuse equity in an insolvent company at the resolution stage, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. This is in conflict with the Insolvency and Bankruptcy Code, which specifically permits ARCs registered with the RBI to act as resolution applicants and submit resolution plans. According to people in the know, there has been little headway in the matter yet.
Lenders to Aircel and its units Dishnet Wireless and Aircel Cellular are the State Bank of India, Bank of Baroda, Punjab National Bank, China Development Bank Corp. and Canara Bank.
Aircel, which went down under a debt of Rs 26,000 crore in 2018, is the second telco to hit the bankruptcy court after Reliance Communications, which went bust under a debt of Rs 46,000 crore.
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Aircel可能寻求许可出售non-spectrum资产
“一个选择是吸引NCLT(国家公司法法庭)允许我们出售资产,除了光谱,托管账户把钱,用它来维护和支付约200员工,”一位高管意识到告诉ET在匿名的情况下。
其他资产包括纤维、企业批量短信业务和数据中心。
已经有大约50%侵蚀破产电信资产的价值由于监管延迟。
Aircel 1800 MHz和2100 MHz频段的频谱是它最珍贵的财产,和一个大的一部分资产货币化铰接在这些电波。
“法庭秩序是去年6月。从那时起已经有监管延误和结果是资产货币化还没有发生。员工工资得到延迟,没有很多钱去维护资产,”第二个高管表示。
法院命令被人决议计划批准NCLT 2020年6月使UV资产重建公司(UVARCL)购买Aircel及其两个单位74%的股权,偿还大约6630卢比,目的是在5年内破产电信金融债权人。然后所指数量89%的发型银行曾声称在电信价值58760卢比的未偿还贷款金额。
现在,根据高管引用前,可能有多达50%的大幅贬值的资产由于监管延迟。这个法术只有3000卢比的复苏银行的高管表示。
监管延迟包括上诉法庭的方向谱——最宝贵的资产——是否可以卖14000卢比的法定费依然存在。除此之外,一个批准印度储备银行(RBI),曾拒绝UVARCL参与Aircel的决议提案前,等待着。
银监会拒绝UVARCL申办理由是资产重建公司(弧)不能注入股本在一家破产公司决议阶段,金融资产的证券化和重建下证券感兴趣的和执行法案》,2002年。这是在冲突与破产和破产的代码,这特别允许弧注册印度央行充当决议申请并提交决议计划。据的人知道,在这个问题上几乎没有进展。
银行Aircel及其单位Dishnet无线和Aircel细胞是印度国家银行,巴罗达银行旁遮普国家银行,中国国家开发银行和Canara银行。
Aircel,走下26000卢比的债务在2018年,是第二个电信Reliance Communications后破产法庭,这下破产债务46000卢比。
“An option is to appeal to the NCLT<\/a> (National Company Law Tribunal<\/a>) 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,” an executive aware of the matter told ET on condition of anonymity.
Other assets include fibre<\/a>, enterprise, bulk SMS business and data centre.
Under the insolvency process, Deloitte<\/a> is running the bankrupt telco<\/a>’s asset sale process, being the resolution professional. The consultancy firm declined to comment.
There has already been a roughly 50% erosion in the value of the bankrupt telco’s assets due to regulatory delays.
Aircel’s spectrum in the 1800 MHz and 2100 MHz spectrum is its most prized possession, and a large part of its asset monetisation hinged on these airwaves.
“The court order came in June last year. Since then there have been regulatory delays and the result is that asset monetisation has not happened. Salaries to employees are getting delayed and there is not much money left to maintain assets,” said a second executive.
The court order referred to by the person is the resolution plan approved by NCLT in June 2020 which allowed UV Asset Reconstruction Company<\/a> (UVARCL<\/a>) to buy Aircel and its two units for a 74% stake, with an aim to repay about Rs 6,630 crore to the bankrupt telco’s financial creditors within five years. The amount then signified an 89% haircut for lenders who had made claims worth Rs 58,760 crore on the telco's outstanding loan amount.
Now, according to the executives cited earlier, there may be a drastic devaluation of as much as 50% in assets due to regulatory delays. This spells a recovery of only about Rs 3,000 crore for the lenders, said the executive.
<\/p>Read also<\/h4>
<\/a><\/figure>Delhi HC stays RBI show cause notice to UVARCL<\/a><\/h5><\/div>
<\/a><\/figure>Department of Telecom set to oppose sale of Aircel, RCom spectrum unless AGR dues paid<\/a><\/h5><\/div><\/div><\/div>
Regulatory delays include direction from the appellate court on whether spectrum – the most prized asset – can be sold when Rs 14,000 crore of statutory dues remain. Besides, an approval from the Reserve Bank of India (RBI), which had rejected UVARCL's involvement in Aircel's resolution proposal earlier, is awaited.
The banking regulator rejected UVARCL’s bid on the grounds that asset reconstruction companies (ARCs) cannot infuse equity in an insolvent company at the resolution stage, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. This is in conflict with the Insolvency and Bankruptcy Code, which specifically permits ARCs registered with the RBI to act as resolution applicants and submit resolution plans. According to people in the know, there has been little headway in the matter yet.
Lenders to Aircel and its units Dishnet Wireless and Aircel Cellular are the State Bank of India, Bank of Baroda, Punjab National Bank, China Development Bank Corp. and Canara Bank.
Aircel, which went down under a debt of Rs 26,000 crore in 2018, is the second telco to hit the bankruptcy court after Reliance Communications, which went bust under a debt of Rs 46,000 crore.
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