IL&FS seeks NCLT relief for arrangement with creditors to 40 group firms

In a statement on Tuesday, the company informed stock exchanges of the application it had filed with NCLT

Debt-laden Infrastructure Leasing & Financial Services (IL&FS) had filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday seeking certain relief in connection with the filing of scheme of arrangement under Section 230 of the Companies Act, the infrastructure financier informed stock exchanges on Tuesday.

The scheme of arrangement pertains to IL&FS and 40 other group companies, and it would be prepared in compliance with applicable law and subject to necessary approval from shareholders, creditors and boards of directors of the entities concerned, IL&FS said in a statement.