Uv Arc To Help Aircel With A Resolution Plan Approved By Nclt
Aircel Ltd filed for voluntary insolvency back in February 2018 because of lack of liquidity and the ability to pay back the debt. It has finally found some help though. The Mumbai bench of National Company Law Tribunal (NCLT) has approved a resolution plan presented by UV Asset Reconstruction Company. The resolution plan is of Rs 6,630 crore and primarily focuses on getting money from zero-coupon optionally convertible debentures. However, the plan presented by UV ARC seemed more like a ‘liquidation or winding up’ plan than a resolution plan to the two-member bench of NCLT....