IL&FS has told a bankruptcy court that it aims to resolve the liquidity crisis within about nine months, seeking to improve its debt-laden capital structure through asset sales, restructuring of outstanding loans, and infusion of funds.
“Buyer(s)/ investor(s) interest for the vertical level resolution is expected to be more likely, given that focused participants exist for different asset classes in India,” the new board of IL&FS told the National Company Law Tribunal (NCLT) in a detailed report on the debt-resolution choices currently under consideration.
“The New Board will follow due process in finalisation and implementation of the Resolution Plan(s) and expects to complete the process, in stages and parts, in next 6-9 months (subject to market and economic conditions),” it said. Read more
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