IL&FS to file bankruptcy for its offshore firms IIDL, IIDMCC in UAE
Debt-ridden IL&FS has proposed to initiate bankruptcy proceedings for two of its offshore firms – ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) – in the courts of the UAE.
IL&FS had request the Mumbai-bench of the National Company Law Tribunal (NCLT) to take on record its proposal to initiate the bankruptcy proceedings before the Dubai Courts under UAE Federal Decree.
The tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms.
“After hearing both the sides and on perusal of records, this bench is of the view that the initiation of bankruptcy proceedings is the best option in the given scenario.
