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UV Asset Reconstruction Company Ltd (UV ARC) has received approval of the lenders to Aircel Ltd to buy the debt-laden telecom company as well as its units Aircel Cellular Ltd and Dishnet Wireless Ltd for Rs 150 crore.
The Committee of Creditors (CoC) of Aircel approved UV ARC’s offer with a nearly 74% vote. UV ARC will pay the entire amount upfront.
Aircel owed Rs 19,788 crore ($2.79 billion) to its financial creditors as of February this year. Since UV ARC is paying Rs 150 crore, this means lenders will take a haircut of over 99%, reported VCCircle.
L&L Partners (formerly Luthra & Luthra Law Offices) advised the resolution applicant UVARCL in the insolvency resolution process of Aircel Limited, Aircel Cellular Limited and Dishnet Wireless Limited under IBC
The L&L team was led by Partner Akshay Nagpal along with Associates Samarth Sharma, Vishakha Panchangam and Tanvi Verma.
Partners Sameen Vyas and Apurva Jayant provided strategic inputs on the transaction from time to time.
The Competition law team included Partner G.R. Bhatia, Managing Associate Rudresh Singh and Arjun Singh and Aniket Ghosh.
Cyril Amarchand Mangaldas acted for Committee of Creditors and the team was led by Lakshmi Prakash.
Shardul Amarchand Mangaldas acted for Resolution Professional and the team included Anoop Rawat and Saurav Panda.