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As a consequence of SC's decision not to entertain the plea, Airtel chose to withdraw its application.
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On Aircel being admitted to insolvency, Airtel owes it Rs 453 crore towards STA and other dues. The Resolution Professional (RP) of Aircel called upon Airtel to make the payment in 2019. However, Airtel paid only Rs 341 crore and retained Rs 112 crore.
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A Delhi court has allowed Congress leader Karti Chidambaram, an accused in the alleged Aircel-Maxis and INX Media scams, to travel to France and the UK from September 15 to 27.
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According to the calculation by The Department of Telecommunications (DoT), Aircel owes Rs 12,389 crore as adjusted gross revenue (AGR) dues.
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Aircel and the Department of Telecommunications (DoT) are currently in a legal tussle over the spectrum sale.
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The Supreme Court on September 25 allowed the NCLAT to decide on the issue of spectrum sale in the case of Aircel.
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The RBI said the Aircel resolution plan did not conform to the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002
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Bharti Airtel and Bharti Hexacom had paid Rs 341 crore to Aircel and Dishnet Wireless but had retained Rs 112 crore to set off the dues owed by Aircel entities to Airtel entities.
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Aircel had submitted an application under Section 10 of the IBC in February 2018 after it failed to repay loans
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The Enforcement Directorate told Special Judge Ajay Kumar Kuhar that Letters Rogatory (LRs) have been sent to four countries and their response were awaited in connection with the case.
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The ED told Special Judge O P Saini that Karti Chidambaram has been asked by the agency to appear before it on March 5, 6, 7 and 12 for questioning in the cases.
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The IBC-mandated 270 days for a resolution is already over for the bankrupt company and it wants the National Company Law Tribunal (NCLT) to exclude the 127 days it spent in fighting the case against government and Airtel at the apex court and won.
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Special CBI Judge O P Saini put up the matter for February 1 after Solicitor General Tushar Mehta, appearing for the CBI, told the court that the ongoing probe was about to be completed.
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Hearing petitions from the two Chennai-based group companies, Justice T Raja directed the I-T department to keep in abeyance the March 31 proceedings consequent to the demand notices issued on March 2 till the disposal of their applications for bankruptcy pending before the National Company Law Tribunal (NCLT) bench.
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The industry body, however, feels that the worst is over and companies are looking to hire in areas such as artificial intelligence (AI) and big data
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Advocates appearing for the CBI and the ED, Additional Solicitor General Tushar Mehta and Nitesh Rana, told the court that the agencies required time to file a detailed reply and argue on the application filed through Chidambaram's lawyers P K Dubey and Arshdeep Singh.
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Banks, however, believe that the best option for the company would be to sell the assets in a lump sum to one entity as opposed to a group of companies
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Airtel plans to expand its network footprint in the state to 11,400 mobile sites by the end of H1 FY2019.
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The Serious Fraud Investigation Office (SFIO) is probing alleged financial irregularities at debt-laden Aircel as well as two group entities -- Aircel Cellular and Dishnet Wireless
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A source told Moneycontrol that the MCA’s Registrar of Companies had carried out an extensive investigation into these companies and found several instances of funds being siphoned off.
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The CBI has named 15 bank officials who worked at senior levels at IDBI Bank in 2010 and 2014 when loans were sanctioned to the companies controlled by Sivasankaran in its FIR registered on a complaint from the Central Vigilance Commission, they said.
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In a directive, the Telecom Regulatory Authority of India (Trai) said it had received a large number of complaints from subscribers of Aircel Group seeking refund of balance amount in prepaid accounts and non-refund of security deposits in case of postpaid accounts.
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Maxis, headquartered in Malaysia, has been working closely with the bankrupt Aircel for emergency infusion of funds, according to sources
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A source privy to the development said that the funds are being provided as a "goodwill" gesture from Maxis, which holds close to 74 percent stake in Aircel.
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The telecom PSU, in a letter to the Department of Telecom (DoT), has also said it is exploring options including legal remedies for recovery of its outstanding dues of about Rs 42 crore.
