IL&FS panel to finalise asset-wise framework of resolution with lenders

The board of Infrastructure Finance and Leasing Services (IL&FS) has decided to set up a six-member empowered committee to finalise the asset-wise framework of resolution with lenders.

The six-member committee includes IL&FS board members Vineet Nayyar, C S Ranjan, Bijay Kumar, and the chief operating officer (COO) N Srinivasan among others.

“The committee will be fully empowered to take necessary steps to enhance enterprise value of assets under divestment,” the company said in a statement.

The directors held a meeting on June 28, 2019. This committee is formed in view of positive response received from financial institutions to the framework outlined, by Prudent Norms for resolution of stressed assets issued by the RBI on June 7 earlier this year, the company further added.

The board also reviewed the progress on disinvestment in all its domestic and overseas assets outlined in its resolution process. The board also decided to allow the bidders for toll road assets to jointly monitor traffic data and assess the revenue stream.

Moreover, the board also took note that the stake sale in seven wind energy SPVs is in its final stage — after Orix conveyed its decision to match Gail’s offer. Natural gas distribution major Gail India Limited had emerged as the highest bidder for the wind assets of the IL&FS Group.