IL&FS seeks NCLAT nod to sell insolvent firms with haircut
Business Standard|March 25, 2024
Infrastructure Leasing & Financial Services (IL&FS) group has approached the National Company Law Appellate Tribunal (NCLAT) to seek permission to sell its stake with a "haircut" and without shareholders' approval in its companies, which are insolvent with unsustainable debts and placed under the category II list of resolution framework.
IL&FS seeks NCLAT nod to sell insolvent firms with haircut

The government earlier this week sought time from the appellate tribunal to file a reply to IL&FS' interim application to sell a stake in group entities falling under category II, whose highest bid amount was lesser than their debts.

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