The government-appointed board of directors of Infrastructure Leasing & Financial Services Ltd (IL&FS) board will update the National Company Law Tribunal (NCLT) on 31 October about the revival plan, after which it will seek consent from lenders and shareholders.
The board of directors of IL&FS led by Uday Kotak, managing director of Kotak Mahindra Bank, will finalize the information memorandum and the request for proposal (RFP) for auctioning the assets in consultation with the lenders and shareholders in three-four weeks after informing the tribunal of the revival scheme.
By December, bids will be invited for the assets, a government official privy to the development said on condition of anonymity. The issue of government superseding the board of IL&FS and its revival will be heard by the Mumbai bench of NCLT on Wednesday. Read More
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