
Aircel has filed for bankruptcy protection under Section 10 of the Insolvency and Bankruptcy Code, 2016 with the National Company Law Tribunal (NCLT) in Mumbai, after mounting losses and Malaysia’s Maxis Communications who has 74% stake in the company decided not to infuse more funds. Aircel said that agreement could not be reached with respect to restructuring of its debt and funding after discussions with the financial lenders and shareholders.



