An acquisition of Telenor India by Bharti Airtel could be derailed as lengthy delays in the approval process and mounting losses could force the Norway-based group’s business to begin bankruptcy proceedings, The Economic Times (ET) reported.

Speculation on the future of Telenor India comes as its parent company booked a net loss for its India operation of NOK282 million ($35.8 million) in Q1 2018, compared with a profit of NOK120 million in the same period of 2017.

As losses mount, the operator is considering entering bankruptcy proceedings in the country, which could either force authorities to clear its deal with Airtel or kill it completely, ET said.

If the company does start formal bankruptcy measures its future will be under the control of a resolution professional appointed by the country’s National Company Law Tribunal. This person will decide whether to continue with the deal on the table or offer the business to other buyers.

Airtel struck a deal to acquire Telenor India in February 2017 and, despite it being cleared by several regulators, is still awaiting the final green light. In its Q1 earnings statement, Telenor said it still expected the deal to go through, citing the current quarter as a likely completion date.

Telenor India is already listed in Telenor Group’s discontinued operations and is separated out from its main financial statement, released today.