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The Government-appointed Infrastructure Leasing and Financing Services (IL & FS) Board will likely seek an extension of up to five months from the National Corporate Law Tribunal (NCLT) to to submit a resolution plan. The government was forced to intervene after the infrastructure finance company, short of money, missed a series of payments.
The new board of directors has asked for more time to formulate a concrete proposal in the light of new developments, such as the dismantling of 348 subsidiaries. more than twice what the company had previously announced.
Look at M Saraswathy of Moneycontrol in conversation with Beena Parmar to decipher creditors' right of appeal and, therefore, what Uday Kotak's board of directors can do to revive wealth. one of the first infrastructure finance companies in India.
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