Feb 28 (Reuters) - Aircel :
* FILED APPLICATION FOR UNDERTAKING CORPORATE INSOLVENCY RESOLUTION PROCESS FOR AIRCEL CELLULAR, DISHNET WIRELESS AND AIRCEL LTD
* ACKNOWLEDGED HAS BEEN FACING TROUBLED TIMES OWING TO INTENSE COMPETITION FOLLOWING DISRUPTIVE ENTRY OF A NEW PLAYER, LEGAL, REGULATORY CHALLENGES
* REQUESTS CONTINUED SERVICES FROM SUPPLIERS AND PARTNERS FOR THE ONGOING BUSINESS OF CO
* “WOULD LIKE TO COMMUNICATE TO ALL CUSTOMERS THAT IT WOULD STRIVE HARD TO PROVIDE UNINTERRUPTED SERVICE CONNECTIVITY” Source text - The Board of Directors of the Corporate Debtor (“Companies” listed below), today announced that they have filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (“Code”) for undertaking Corporate Insolvency Resolution Process (“CIRP”) for the respective Companies: a. Aircel Cellular Limited, b. Dishnet Wireless Limited, and c. Aircel Limited (together as “Company”) The Board of Directors acknowledged that it has been facing troubled times in a highly financially stressed industry, owing to intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses. This has caused significant negative business and reputational impact on the Company.