MUMBAI: Unrest is brewing at bankrupt Aircel, where theres been no sign of progress on selling assets as the insolvency resolution process passes the midway stage, prompting fears the company may be headed for liquidation.
At a meeting last week, lenders rejected proposals to sell the telcos optic fibre network and scrap and to pay a part of already-delayed salaries. The meeting called by Deloittes Vijaykumar V Iyer, the interim resolution professional, was attended by Aircels senior management and lenders State Bank of India, Bank of Baroda and Punjab National Bank.
The banks were not forthcoming with their approvals, according to people who were present at the meeting.
The lenders also did not grant their consent to the proposal to …
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