Aircel’s lenders are said to have approved a proposal of takeover from UV Asset Reconstruction Company (UVARCL), ending a year-long debt resolution process that was the first of its kind in the telecom sector. While the bankrupt operator may have narrowly escaped liquidation, its financial creditors may recover 15-20% of loans they extended to Aircel, among the lowest in major insolvency cases so far. — The Economic Times

L&L Partners advised the resolution applicant UV Asset Reconstruction Company Limited led by a team partner Akshay Nagpal, associate Samarth Sharma, associate Vishakha Panchangam and associate Tanvi Verma, with partners Sameen Vyas and Apurva Jayant providing strategic inputs on the transaction from time to time. Other members of the firm also supported the team, including a competition law team comprised of partner GR Bhatia, managing associate Rudresh Singh, senior associate Arjun Singh and associate Aniket Ghosh.

Shardul Amarchand Mangaldas acted for the resolution professional.

Cyril Amarchand Mangaldas represented the committee of creditors.

2019-05-17

Deal value: approx. INR 20,000 crores (USD 2.87 billion)

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