IL&FS gets over 12 expressions of interest for its stake in 2 subsidiaries

"IL&FS has received a strong response to its asset monetisation process, initiated a fortnight ago, towards developing a resolution plan(s) for the IL&FS group," the company said in a statement.

The last date for filing an EoI for the two subsidiaries was November 23, 2018. EoIs have been received from a mix of banks, private equity firms and other financial services companies, IL&FS confirmed.

Qualifying bidders will then be invited to review information on the business to enable them to submit commercial bids.

In early September, signs of a cash-crunch at the IL&FS group first came to light after it defaulted on its debt obligations.

IL&FS' total debt stood at Rs 91,091.30 crore as on March 31, 2018, and the liabilities could increase, the company's new board said after its first meeting on October 4.

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The group will shortly launch an monetisation process for sale of assets as part of its ongoing resolution process.

Any binding transaction for sale of assets, as well as the resulting resolution plan(s), will be subject to requisite approvals (including the National Company Law Tribunal) before the transactions are concluded.

The company said, "The Board of IL&FS appointed by the NCLT vide its order dated October 1, 2018 and October 3, 2018 had submitted to the Ministry of Corporate Affairs a report on the progress and the way forward dated October 30, 2018, which in turn was submitted to the NCLT."

Reiterating its stand, IL&FS added that the objective of the board is to achieve, by one or more plan(s), the resolution of the group through certain measures, including asset divestment.

Also Read: IL&FS timeline: When and what happened so far?