The government is mulling the sale of crisis-hit Infrastructure Leasing and Financial Services (IL&FS) as one of the options to resolve issues facing it, Corporate Affairs Secretary Injeti Srinivas said Monday. IL&FS, which arranged financing for infrastructure projects, has amassed huge debts and has defaulted on payment obligations for some.
“Whatever is in the best interest of the stakeholders, including public interest, will be the factor which will guide a resolution,” he said.
“As far as IL&FS is concerned, I think the report which has been submitted to the National Company Law Tribunal (NCLT) articulates the approach. So it could be in the best scenario that IL&FS as a group enterprise is sold as a going concern,” he added.
However, there are serious issues and the likelihood of such an outcome is limited, he said. Read More