IL&FS has initiated a claims management process for its 70 Group entities in an effort to clarify financial liabilities and facilitate the settlement process.
In a letter, a copy of which is with BusinessLine, the troubled infrastructure financing company has listed out that it has classified 5 Indian group entities in the “green” category, which means it is ready to be sold off. Additionally, 2 Indian entities have been categorised as being “red”. The classification of remaining 11 Indian IL&FS group companies is presently underway, the affidavit noted. However, these remaining 11 entities account for about Rs 469.6 crore of the domestic external fund-based debt.
In October last year, the National Company Law Tribunal (NCLT)-appointed board headed by banker Uday Kotak has been tasked to ensure orderly settlement. As part of the resolution efforts, the group companies have been classified into three categories, based on their financial positions — green, amber and red.
