India’s GTL Infrastructure’s insolvency petition dismissed by court

Chicago, Nov. 28 – GTL Infrastructure Ltd. reported that a court in Mumbai has dismissed the petition filed by Canara Bank to initiate a corporate insolvency resolution process under Section 7 of the bankruptcy code, according to a notice.

The court noted that the business of the company is sustainable and is a viable going concern under its current management.

The court did not find that the overall financial health of the company was bad enough to be admitted under the resolution process and dismissed the petition.

As previously reported, the company was unable to redeem its 6.731% series B2 convertible bonds (ISIN: XS1684779454), which matured on Oct. 27.

The company stated then it had been a victim of extraneous circumstances adversely affecting the telecom sector including the shutdown and exits of major customers resulting in significant revenue fall and EBITDA.

Mumbai-based GTL Infrastructure provides telecom infrastructure to multiple service providers.

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