The first phase of resolution for problems faced by IL&FS group is expected to be completed in the next few months, as a lot of headway is being made in addressing the issues, a senior official said Tuesday.
On Monday, the National Company Appellate Tribunal (NCLAT) said that no bank or financial institution can declare the accounts of debt-ridden IL&FS and group companies as non-performing assets without its permission.
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“I think a lot of headway is being made and… in next few months the first phase of resolution should be completed,” Corporate Affairs Secretary Injeti Srinivas said.
