The National Company Law Appellate Tribunal (NCLAT) on Monday allowed 22 domestic subsidiaries of Infrastructure Leasing & Financial Services Ltd (IL&FS) to service their operational and financial debt obligations.
The appellate tribunal also lifted moratorium on debt repayments by 133 IL&FS offshore entities. This should bring relief to many of the lenders, including mutual funds and others, whose payments were halted by even some of the solvent special purpose vehicles.
The NCLAT bench also approved appointment of retired Supreme Court judge D K Jain to supervise the resolution process of the group. Separately, the Institute of Chartered Accountants of India said its Accounting Research Foundation has been assigned to oversee the reopening of IL&FS books. Read More