NEW DELHI: IL&FS Group Chairman Uday Kotak at the new board’s first Annual General Meeting (AGM) on Tuesday said the ongoing resolution process of the debt-ridden group is a “test case” for group-wide resolution of stressed assets in the country.
Addressing the 32nd AGM of the group, Kotak said the absence of requisite legal framework for group resolution under Insolvency and Bankruptcy Code (IBC) required the new board to propose the ‘first-of-its-kind” resolution framework that balanced interest of stakeholders across classes and levels, while keeping broad principles of corporate finance in mind.
