The resolution process for 10 profitable IL&FS group companies, having total debt of Rs 11,564 crore, is underway, the government informed the National Company Law Appellate Tribunal on Tuesday.
The board IL&FS, which has to repay over Rs 90,000 crore to lenders, has decided to adopt an “asset level resolution” with regard to various group companies and entities.
The directors of IL&FS have contemplated that “an asset level resolution and the sale of business verticals comprising of a basket of companies and other entities” is the most feasible option for the resolution of the debt of the company.
State-run GAIL has emerged as the highest bidder with offer of Rs 4,800 crore for IL&FS Wind Energy Ltd (IWEL), which has seven operating wind power plants.
