Aircel dues: GTL Infra strikes banks, NCLT in search of restoration of ₹12,400 crore

Debt-laden Aircel faces extra hassle with its largest creditor, GTL Infrastructure, in search of the intervention of the corporate’s widespread lenders to recuperate ₹12,400 crore in dues and an investigation into the explanations for the telecom operator’s insolvency submitting.

Individually, GTL Infra has approached the Nationwide Firm Legislation Tribunal (NCLT) alleging “misstatement of accounts and data” by Aircel’s administration.

The corporate additionally requested the NCLT to direct Aircel’s former administrators, who had resigned, to not go away the nation with out the tribunal’s permission.

GTL Infra has written to the lenders, together with State Financial institution of India, Financial institution of Baroda and Union Financial institution, claiming ₹400 crore in dues and contractual claims of ₹12,000 crore. The contractual claims have been for leases over the lock-in interval, banking sources advised
BusinessLine .

“GTL Infra has requested the banks assist it recuperate the dues,” one of many sources mentioned.

NCLT approached

On Monday, GTL Infra moved the NCLT stating “misstatement of accounts and data by the administration” of Aircel. “It’s respectfully submitted that the intervener has additionally lengthy suspected that there have been misstatements of accounts and data by the administration of the petitioner (Aircel). In direction of this finish, the intervener has been writing to sure widespread lenders to try to alert them of the intervener’s suspicions,” GTL Infra mentioned in its NCLT petition.

“The intervener additionally believes that these points should be instantly investigated by the Interim Decision Skilled to safeguard the pursuits of all lenders and collectors,” it added.

Within the petition, GTL Infra alleged that Uthaya Kumar and Chan Chee Beng (nominee director and an govt from promoter Maxis Bhd) have fled the nation earlier than Aircel’s submitting of a voluntary insolvency software.

Aircel had began defaulting on operational funds in October 2017. The operator, in an earlier NCLT submitting, had admitted to have property price ₹32,000 crore and 80 million subscribers. Aircel had additionally admitted to have posted income of ₹514 crore in January 2018 from GSM operations, GTL Infra mentioned within the NCLT submitting.

When contacted, GTL Infra confirmed the NCLT submitting, however declined to disclose particulars, stating the matter is “sub-judice”.
The corporate additionally declined to touch upon the mails to lenders. Aircel additionally declined to remark.

In 2010, GTL Infra paid greater than ₹8,200 crore to purchase Aircel’s 17,500 towers with 21,000 tenancies, with a dedication for an extra 20,000 tenancies. Aircel makes use of GTL Infra’s towers for its community.

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