Debt-ridden IL&FS initiates claims management process for 70 group entities

Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) Tuesday said it has initiated claims management process for 70 group entities.

"The claims process is being run to crystallise the financial and operational liabilities of the group to facilitate distribution of proceeds from the resolution process," it said.

"The new board of IL&FS, as part of the overall resolution process for the group, has initiated a comprehensive claims management process for 70 group entities," the company said in a statement.

The company's fund-based outstanding debt was Rs 94,216 crore as of October 8, 2018.

As part of the resolution process, the board has already initiated sale of a number of group assets which would help in addressing a significant portion of the group's debt.

The company has appointed Grant Thornton India as the claims management advisor for overseeing and executing the process.

Distribution would be in accordance with the proposed resolution framework filed with the National Company Law Appellate Tribunal (NCLAT) by the government.

The company has asked all financial and operational creditors of these 70 entities to submit proof of their claims in respect of liabilities due until October 15, 2018 to Grant Thornton.