Telecom service provider, Aircel has filed for bankruptcy. The company and its two units have filed for the same at National Company Law Tribunal.
The company revealed that it has been running in INR 15,500 crores debts. Following lack of support from the shareholders and investors, they stated that the only option left was to file for bankruptcy.
The inception of Reliance owned, Jio, has completely changed the phase of Indian telecom service providers. Jio offered the best in class offers and other firms were forced to offer similar offers to their customers. This added an extra burden on Aircel who were already struggling with huge deficits.
The latest news is that Telecom Regulatory Authority of India(TRAI) has adviced Aircel to provide alternatives for its users. TRAI has recommended the company to facilitate the Mobile Number Portability(MNP) procedure for the users.