UVARCL aims to pay Rs6630 Cr to Aircel lenders in five years, spectrum sale may net Rs 800-1300 cr

New Delhi: UV Asset Reconstruction Co. Limited (UVARCL), which is taking over Aircel and its two units after an NCLT order with a 74% stake, is aiming to pay some Rs 6,630 crore to the bankrupt telco’s financial creditors within five years, failing which lenders will get a 74% stake in the company as against 26% now.

As per the National Company Law Tribunal (NCLT) order dated June 9 but made public Thursday, the amount translates into an 89% haircut for lenders who had made claims worth Rs 58,760 crore for the telco’s outstanding loan amount. Lenders to Aircel and its units Dishnet Wireless and Aircel Cellular include State Bank of India, Bank of Baroda, Punjab National Bank, China Development Bank Corp. and Canara Bank.