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The National Company Law Appellate Tribunal (NCLAT) has given its consent to appoint Justice (Retd) DK Jain to supervise the operation of the resolution process undertaken by debt-laden IL&FS.
“We allow the learned Counsels for Union of India and IL&FS to contact Hon’ble Justice (Retd) DK Jain for consent and to discuss the terms and conditions of engagement including monthly fee, travelling expenses, allowance, etc,” NCLAT said.
The new board of IL&FS has proposed a multi-pronged strategy to revive the beleaguered company, including significant capital infusion at the group level from credible and financially strong investors, selling of subsidiaries at the vertical level and resolution at the asset level.
IL&FS has already initiated the process to sell some of its assets, including the domestic roads vertical housed under its subsidiary IL&FS Transportation Networks (ITNL), inviting more than 30 suitors.
It had also invited EoIs for four under-construction road projects, which would aggregate approximately 1,736 lane km upon completion, and three other assets and businesses, which are the EPC and O&M businesses of ITNL, and a sports complex in Thiruvananthapuram.
Government-owned firms, including LIC and SBI, own nearly 40 per cent of the company. Japan’s Orix Corp has a 23 per cent stake and Abu Dhabi Investment Authority 12 per cent.
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