Aircel lenders agree to take 99% haircut on dues worth Rs 20,000 crore

Aircel admitted itself to the NCLT in Feb 2018 even as all its directors resigned just before the bankruptcy filing

In an unprecedented move,  lenders to bankrupt telecom operator Aircel have agreed to take a massive 99 per cent haircut on their outstanding dues worth Rs 20,000 crore by agreeing to a Rs 150-crore upfront offer by UV Asset Reconstruction Company (ARC).

The move may lead to litigation as some of the operational creditors are planning to challenge the committee of creditors’ (CoC's) decision in both local and US courts. 

A source said the resolution plan was approved by 73.88 per cent (in voting share) of lenders and was rejected by Canara Bank and China Development Bank. State Bank of India, Syndicate