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IL&FS initiates claims process for 70 group companies and may receive claims above Rs 50,000 cr

IL&FS has started an all-encompassing claims management process for 70 group  companies and is expecting claims worth over Rs 50,000 cr. to be filed by creditors.

The new board of IL&FS Group which is indebted with more than Rs 90,000 cr. Are working alongside the government on ways to settle the issues.

The IL&FS board has commenced a comprehensive claims management process for 70 group entities.

The 70 companies account for a sizeable part of the group’s total debt and claims worth over Rs 50,000 cr. are anticipated to be filed by creditors in the process.

The distribution of claims amount would be in accordance with the proposed resolution framework filed with the National Company Law Appellate Tribunal (NCLAT) by the government.

On 22.05.19, the Ministry of Corporate Affairs informed the NCLAT that the resolution process for 10 profitable IL&FS group companies having net debt of Rs 11,564 cr. was underwgoing.

The board f IL&FS has decided to adopt an “asset level resolution” with respect to various group companies and entities.

 

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