Moneycontrol
Last Updated : Nov 14, 2018 01:08 PM IST | Source: Moneycontrol.com

Reporter's Take | IL&FS board to seek 3-5 months from NCLT to submit resolution plan

Moneycontrol's M Saraswathy gets all the details from banking correspondent Beena Parmar over the possible measures the IL&FS board can take to revive the fortunes of the company.

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The government-appointed board of the Infrastructure Leasing & Financial Services (IL&FS) is likely to seek an extension of up to five months from the National Company Law Tribunal (NCLT) to submit its resolution plan. The government was forced to intervene after the cash-strapped infrastructure financing company defaulted on a string of payments.

The new board has asked for more time to formulate a concrete proposal in light of new developments, such as the unearthing of 348 subsidiaries, more than twice of what the company had disclosed earlier.

Watch Moneycontrol's M Saraswathy in conversation with Beena Parmar decoding what recourse creditors could resort to, and consequently, the possible measures the Uday Kotak-led board can take to revive the fortunes of one of India's foremost infrastructure financing companies.
First Published on Oct 31, 2018 05:03 pm
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