Aircel headed for partial liquidation

Inching towards a formal conclusion, the Committee of Creditors (CoC) has approved the partial liquidation of beleaguered telecom company Aircel. The liquidation does not include bulk SMS and enterprise businesses.

Separately, the operator received a proposal from an asset reconstruction company (ARC) for its bulk SMS and enterprise businesses, which is being examined by the lenders’ committee.

“The approval from the CoC came in today and now it has to get the formal approval from the National Company Law Tribunal (NCLT), which is a more of a formality,” a source close to the development told BusinessLine .