Troubled telecom operator Aircel Ltd filed for bankruptcy Wednesday, the latest episode in Indias telecom consolidation, marked by exits, fire sales and mergers that began with the entry of Reliance Jio Infocomm Ltd.
One of Indias oldest telecom firms, Aircel filed an application at the Mumbai bench of National Company Law Tribunal (NCLT) along with its units, citing high unsustainable debt, price wars, legal and regulatory challenges.
Aircel said in a statement that it filed the application under Section 10 of the Insolvency and Bankruptcy Code (2016) for undertaking corporate insolvency resolution process for Aircel Cellular Ltd, Dishnet Wireless Ltd …
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