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Aircel files for bankruptcy, says faced trouble after entry of a new player

With the entry of Reliance Jio in September 2016, most of the telecom operators have seen their profitability plunge to new lows

Lenders look to either convert Aircel's debt into equity or move NCLT
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Kiran Rathee New Delhi

Aircel has become the latest victim in the highly-competitive telecom market in the country with the operator along with its units Aircel Cellular and Dishnet Wireless filing for bankruptcy in the National Companies Law Tribunal (NCLT), Mumbai after its lenders and shareholders failed to reach a consensus with respect to the restructuring of its debt.

Aircel, majority owned by Malaysia-based Maxis Communications, said it has been facing troubled times in a highly financially stressed industry, owing to intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses.

With the entry