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NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis

The interim distribution will be for Rs 16,361 crore -- Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units

Topics
IL&FS | NCLAT | Insolvency and Bankruptcy Code

Bhavini Mishra  |  New Delhi 



ILFS
Infrastructure Leasing & Financial Services (IL&FS)

The National Company Law Appellate Tribunal (NCLAT) has directed the new board of Infrastructure Leasing & Financial Services (IL&FS) to pay lenders on a pro-rata basis first as opposed to the normal course of payment prescribed under Section 53 (distribution of assets) of the (IBC). This will be done as part of the interim distribution.

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First Published: Fri, June 03 2022. 00:42 IST

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