DoT rejects Aircel resolution plan, cites lack of a ‘specific provision’

MUMBAI: The Department of Telecommunications (DoT) has rejected the resolution proposal cleared by the lenders of bankrupt telco Aircel under which Rs 16.50 crore was earmarked for all operational creditors, including the government, saying it was insufficient to cover for its licence and spectrum related dues.

“As per their plan (that of resolution professional), a sum of Rs 16.50 crore has been earmarked for all operational creditors. There is no specific provision for the DoT,” the counsel representing the government told the National Company Law Tribunal (NCLT).