IL&FS has initiated a claims management process for its 70 Group entities in an effort to clarify financial liabilities and facilitate the settlement process. In a letter, a copy of which is with BusinessLine, the troubled infrastructure financing company has listed out that it has classified 5 Indian group entities in the “green” category, which means it is ready to be sold off.
Additionally, 2 Indian entities have been categorised as being “red”. The classification of remaining 11 Indian IL&FS group companies is presently underway, the affidavit noted. However, these remaining 11 entities account for about Rs 469.6 crore of the domestic external fund-based debt.
In October last year, the National Company Law Tribunal (NCLT)-appointed board headed by banker Uday Kotak has been tasked to ensure orderly settlement. As part of the resolution efforts Read More