Fifty per cent of the assets of the beleagured IL&FS group are on the block, corporate affairs secretary Injeti Srinivas said on Tuesday. Speaking on the sidelines of the CII-IBC conference, Srinivas said that out of the 100 IL&FS companies that need classification based on the risk, all would be with high risk or medium risk profiles. About 22 entities of debt-ridden group are servicing their payment obligations.
Srinivas justifies the recent ruling by the National Company Law Appellate Tribunal (NCLAT), saying that it is a one-off order, keeping in mind national interest.
NCLAT on Monday had ruled that accounts of Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries could not be classified as non-performing assets (NPAs) without approval from the tribunal.
