Three IL&FS entities turn green after signing terms sheet with lenders
Three IL&FS group companies have moved to green list after signing term sheet with the lenders to their debts worth Rs 5,071 crore, the NCLAT was informed on Thursday.
The three companies — Moradabad Bareilly Expressway (MBEL), Jharkhand Road Projects Implementation Company (JRIPIC) and West Gujarat Expressway (WGEL) — have moved to green list from the amber list of IL&FS group companies.
This will help the IL&FS board in its stated objective of asset monetisation.
A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has directed to list the case on November 18 for next hearing.
The binding term sheet has a revised proposal for debt-restructuring, with certain concessions and modification of terms of financial debt.
