GTL Infra hits lower circuit on Aircel's insolvency woes

GTL Infra hits lower circuit on Aircel's insolvency woes”

Shares of GTL Infrastructure Ltd slumped as much as 20% in morning trade on Friday after it said the impact of Aircel's insolvency will be materially adverse for the company.

The next high court hearing is on Monday.

If Aircel were to become insolvent and consequently terminate contractual arrangements for all tenancies, GTL's dues recoverable from Aircel would be Rs 12,791 crore.

Vijay Kumar Iyer of Deloitte has been nominated as the interim resolution professional. However, the tribunal has restrained the company's promoters, chairman and directors from leaving India.

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On Feb 28, Aircel, along with its entities Aircel Cellular and Dishnet Wireless, had filed a plea before the tribunal to initiate insolvency proceedings against itself. The combined liability of the firms towards financial creditors stands at Rs15,545 crore and towards operational creditors at around Rs35,000 crore. "At this stage, it remains unclear whether any restructuring or revival would be possible and the outcome of the insolvency proceedings remains to be seen", company said in BSE filing.

Aircel's assets including spectrum licences and fibre, are valued at around Rs32,362 crore, the company's lawyer said. "As a result thereof, the company's tenancies will likely to close at 26,639 as on March 31, 2018 as against 51,587 tenancies as of December 31, 2017", the filing added.

On 22 February, Aircel had informed the telecom regulator that it was facing deep financial stress.

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