NCLAT asks govt for list of IL&FS firms categorised by financial position

Appoints former SC judge D K Jain as supervisor of resolution process

The National Company Law Appellate Tribunal (NCLAT) on Monday directed the central government to submit a list of subsidiaries of the Infrastructure Leasing & Financial Services (IL&FS), categorised by their ability to meet payment obligations as decided by the newly constituted board of the company. 

The appellate tribunal also asked the government to contact former Supreme Court judge D K Jain to be the supervisor of the operation of the resolution process. 

In a meeting that took place last month between the newly constituted board of the IL&FS group, its financial creditors, and the executives of the Ministry of Corporate