The National Company Law Tribunal (NCLT) has approved the takeover of defunct, Aircel by UV Asset Reconstruction Company Limited (UVARCL) with some modifications. Interestingly, the asset reconstruction company (ARC) had won bids to buy few of the assets of Reliance Communications (RCom) with which Aircel was proposed to be merged.

In February 2018, the telco had itself filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (Code) after the company failed to repay its loans The approval came on Tuesday(9th May 2020), and following which the asset reconstruction company has to get approvals from the Department of Telecommunications and the Supreme Court.

(By – Anupama)