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NCLT allows Airtel to retain Rs 1.12 billion from payment made to Aircel

May 06, 2019
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The National Company Law Tribunal (NCLT) has ruled that Bharti Airtel is entitled to the Rs 1.12 billion payment it has deducted as adjustments from rest of the payments it had made to Aircel.

According to the NCLT’s order dated May 1, 2019, Airtel is legally entitled to set off the amount of Rs 1.12 billion under the insolvency code as per the spectrum trading agreement.

The order comes on the back of a long dispute over settlements between Bharti Airtel and Aircel, which is currently in the midst of insolvency proceedings.

Earlier, Aircel and its unit Dishnet Wireless had accused Airtel of not complying with the court’s earlier orders and unlawfully retaining Rs 1.12 billion from a total payment of Rs 4.53 billion made to Aircel.


 

 
 
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