Aircel’s committee of creditors (CoC), headed by State Bank of India (SBI), has moved the Supreme Court against the National Company Law Appellate Tribunal’s (NCLAT) decision that forbade the bankrupt telco from selling its spectrum until government dues are cleared. “We have approached the Supreme Court in anticipation that they would set aside this (NCLAT) order as liquidation threat looms large over this firm (Aircel),” said a senior official in SBI.
People familiar with the matter said Aircel resolution professional Deloitte and asset reconstruction firm UVARCL, which had been cleared by the National Company Law Tribunal (NCLT) to take over the assets of Aircel, will also separately move the top court challenging the appellate tribunal’s order.
“We are bound by confidentiality obligations and are unable to comment on client-specific matters.” said a Deloitte spokesperson. UVARCL and State Bank of India did not respond to ET’s request for comments.
ET had published that the lenders were considering moving the SC in its April 14 edition.
