Seattle Indian Community - SeattleIndian.com
| | | | | | | | | | | |
 


 

IL&FS asset sales should be under supervision of retired SC judge: NCLAT


Delhi,Business/Economy,Immigration/Law/Rights


Author : Indo Asian News Service

Business/Economy, Immigration/Law/Rights, Delhi, India Read Latest News and Articles

Share With Your Friends

Add To My Favorite     Add A Picture

Add an Article

View All Contributions

New Delhi, Jan 11 (IANS) Bankruptcy appeals court NCLAT on Friday suggested appointing a retired Supreme Court judge to oversee asset sales of debt-stricken Infrastructure Leasing and Financial Services Ltd (IL&FS).

The National Company Law Appellate Tribunal (NCLAT) stayed all arbitration proceedings against the cash-strapped company and ordered IL&FS to submit details of all the arbitral proceedings going on against it and its 348 subsidiaries.

However, arbitration proceedings where IL&FS is getting money will continue, the two-member bench headed by NCLAT Chairperson Justice S.J. Mukhopadhaya said.

The appellate tribunal suggested that all further proceedings of transfer of assets of IL&FS should take place under the supervision of a retired Supreme Court judge.

The group, which had a debt of more than Rs 91,000 crore at the end of March 2018, is trying to sell its companies and their assets as part of its asset monetisation efforts to pay off the dues. Next hearing on the matter will be held on January 28.

On October 1, the Central government superseded the management of IL&FS by appointing a six-member board led by banker Uday Kotak to restore its financial solvency after it defaulted on payment dues triggering liquidity concerns in the NBFC sector.

By November, the firm initiated the asset monetisation process and received over a dozen Expressions of Interest (EoIs) towards acquiring its stake in IL&FS Securities Services Ltd (ISSL) and ISSL Settlement and Transaction Services Ltd (ISTSL).

Later, it initiated the process to sell its renewable energy business, the group's interests in education (IL&FS Education & Technology Services Ltd) and the 'Alternative Investment Management' businesses, along with other subsidiary businesses.

On Wednesday, IL&FS said it received more than 30 EoIs for domestic roads vertical IL&FS Transportation Networks Ltd. It includes its domestic EPC (Engineering, Procurement and Construction) and O&M (operations and maintenance) businesses.

IL&FS Ltd is a core investment company and serves as the holding company of the IL&FS Group, with most business operations domiciled in separate companies which form an ecosystem of expertise across infrastructure, finance and social and environmental services.

--IANS

mgu/nir

Premium Advertiser
Grocery Stores - K.K. Market - Fresh Produce and Entertainment



This is an advertisement

   Groupon Deals 
 More...
Women's Knee-Length Hacci Cardigan. Plus Sizes Available.
Women's Knee-Length Hacci Cardigan. Plus Sizes Available. - ,
Lyss Loo Cover Me Up Women's Long-Line Hooded Cardigan (1- or 3-Pack)
Lyss Loo Cover Me Up Women's Long-Line Hooded Cardigan (1- or 3-Pack) - ,
Sorbus Acrylic Cosmetic Makeup and Jewelry Storage Case Display
Sorbus Acrylic Cosmetic Makeup and Jewelry Storage Case Display - ,
Insulated Quilted Water-Resistant Car Seat Covers
Insulated Quilted Water-Resistant Car Seat Covers - ,
Personalized Silver- or 14K Gold-Plated Script Name Necklace from MonogramHub (Up to 93% Off)
Personalized Silver- or 14K Gold-Plated Script Name Necklace from MonogramHub (Up to 93% Off) - ,


Latest Showbiz News

View More News


More News Articles

Sarfaraz trolled for not paying heed to Imran's advice

Bhuvneshwar out of Pakistan match with hamstring injury

Was aiming 260-270, crossing 300 a boost: Rahul

Ranveer Singh makes his commentary debut in World Cup

Kohli walks back despite not hitting the ball