Telecom firm Aircel on Wednesday said it has filed for bankruptcy because of the “troubled times” it has been facing in the “highly financially-stressed” industry. Under the Insolvency and Bankruptcy Code, the company has filed an application to initiate bankruptcy proceedings for Aircel Cellular, Dishnet Wireless, Aircel Ltd, Mint reported.

Aircel said several factors had led to “negative business” and caused a “reputational impact” on the company, including debt, intense competition, the “disruptive entry of a new player” – apparently referring to Mukesh Ambani-led Reliance Jio – regulatory challenges as well as increased losses.

The telecom operator said it believes that filing for bankruptcy was “in the best interest” of all stakeholders “to protect and preserve the value of the company and manage the operations”.

“In these difficult times, the company seeks co-operation from all its stakeholders including the vendor fraternity and channel partners during the IBC process,” Aircel said, according to The Economic Times. “The company requests continued services from the suppliers and partners for the ongoing business.”