Mumbai: The board of Infrastructure Leasing & Financial Services will form committees of creditors at asset levels — the special purpose vehicles (SPVs) managing its projects — to assess their outstanding payments. It is also looking to appoint a claim adviser at the group level to coordinate the activity, people familiar with the matter said.
The National Company Law Tribunal last week allowed 22 SPVs under IL&FS to pay their dues. These SPVs are in the green category, according to a classification by the IL&FS, as they are operating with a positive net worth and cash flow to meet obligations to all creditors for one year. Remaining SPVs are marked amber or red, depending on their financial condition.
The board in its progress report has talked about asset-level resolution and in some cases, a sale of business vertical comprising a basket of companies or other entities.
