State Bank of India seeks meeting with Finance Minister to save Aircel’s resolution plan

Mumbai: State Bank of India has sought an urgent meeting with finance minister Nirmala Sitharaman to request changes to the Sarfaesi Act so as to allow asset reconstruction companies to participate in bankruptcy proceedings, in a bid to save Aircel’s insolvency resolution plan.

The request from the lead lender to the bankrupt mobile operator comes days after UV Asset Reconstruction Company – which has proposed to buy Aircel and most assets of another bankrupt telco Reliance Communications– met the finance minister and sought her intervention in this case.