The new board of Infrastructure Leasing & Financial Services (IL&FS) has reached out to the National Highways Authority of India for settlement of claims, as payment of dues from NHAI would provide immediate relief to the infra major currently defaulting on its debt obligations, a senior government official said on Wednesday.
Settlement of payments by the NHAI can provide a “template for other state-owned companies” to clear their dues to the IL&FS group, he said. The new board is also looking to appoint more directors and professionals at various subsidiaries of the IL&FS. A director with the former board of the IL&FS group had told The Indian Express that of the IL&FS group’s total receivables, it has payment dues of around Rs 15,000-16,000 crore from the NHAI.
Government officials commented on the developments Wednesday after Uday Kotak, who was appointed as non-executive chairman of IL&FS, and Vineet Nayyar, chosen as managing director and vice-chairman of the infra company, met Corporate Affairs Secretary Injeti Srinivas to discuss developments about the company. “We are consulting government and making progress. We will get back to you at an appropriate time,” Kotak said after the meeting. Read more