Aircel files for bankruptcy

February 28, 2018 17:33

Billionaire T Ananda Krishnan's Aircel Ltd says it has filled for bankruptcy as the firm was facing troubled times in a highly financially stressed industry.

Aircel says the reason is due to a significant negative business and reputational impact on the company due to unsustainable debt and increased losses.

Aircel, along with its units-Aircel Cellular and Dishnet Wireless, has filed for bankruptcy in the National Companies Law Tribunal (NCLT)- Mumbai on Wednesday. This last resort was taken when the Malaysian owned Maxis company failed to strike a truce with its lenders and shareholders.

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