 "IL&FS, Infrastructure Leasing and Financial Services, Mumbai")
The National Company Law Appellate Tribunal (NCLAT) on Friday criticised the central government and the newly constituted board of Infrastructure Leasing & Financial Services (IL&FS) for selling assets belonging to the company and its 348 subsidiaries without any oversight and asked them as to why it should not direct that any further asset sale be done under the supervision of a retired Supreme Court judge.
As the process to be followed for resolution of IL&FS is similar to corporate insolvency resolution process which requires a Committee of Creditors (CoC) and Resolution Professional (RP), and the same could not be constituted
