NCLAT seeks details of IL&FS dues to lenders from newly appointed board

NCLAT seeks details of Infrastructure Leasing & Financial Services (IL&FS) dues to lenders from the newly appointed board. IL&FS and its subsidiaries have defaulted on many debt instruments in the past few months due to insufficient funds.

During the proceedings, the bench said that whatsoever step is taken by the newly-appointed board and the government for resolution of IL&FS and its over 300 group companies would have to be passed by the appellate tribunal. The NCLAT has listed the matter for next hearing on April 8.

The group's total debt stood at over Rs 90,000 crore as of October 2018. In December last year, the IL&FS group announced the sale of equity stakes in its road assets to raise funds and initiated the process of exploring divestment of IL&FS group's equity stakes in road assets.