UV Asset Reconstruction Company likely to take over Aircel if 66% of lenders approve proposal

Aircel is close to exiting bankruptcy proceedings, with the court-appointed manager picking UV Asset Reconstruction Company Ltd (UVARCL) to take over the telecom company, including its debt of Rs 20,000 crore, people with knowledge of the matter said.

Deloitte, which is managing the debt resolution process of the now-defunct telecom operator, presented the asset reconstruction firm as its choice before its committee of creditors last week, one of the persons said. “More than 50-60 companies globally had been approached to bid for the operator’s assets and from there UVARCL was the final choice whose name has been sent to all the bankers,” the person said.