Billionaire T Ananda Krishnans Aircel Ltd. is poised to file for bankruptcy protection from creditors, people with knowledge of the matter said, which would make the phone operator the latest casualty in Indias campaign to go after delinquent borrowers.
The unit of Krishnans Maxis Communications Bhd. will submit the request to the National Company Law Tribunal by as soon as Wednesday, according to to the people, who asked not to be identified because the information is private. It would be the first time a major company made such a move on its own in India because banks had previously initiated bankruptcy proceedings in the past.
For Krishnan, Malaysias third-richest man, the step would mark the first in what could lead to th…
Read the full article at: https://www.bloomberg.com/news/articles/2018-02-28/aircel-is-said-to-file-for-insolvency-in-india-as-soon-as-today
