Group-level resolution for crisis, debt unlikely: IL&FS board to NCLT

The board is engaging with financial and transaction advisors to assess the vertical and asset-level resolution options

The Uday Kotak-led board of Infrastructure Leasing and Financial Services (IL&FS) had informed the National Company Law Tribunal (NCLT) on Monday that a single group-level resolution for the crisis and the Rs 910-billion debt seems tough and it will focus on vertical as well as asset-level resolution.     

Through the group-level resolution, the board was looking at a significant capital infusion from strong investors.

"Based on an outreach conducted by the FTA, the initial assessment seems to indicate that currently, the group-level resolution option is unlikely to materialise," the board said in its second report on progress and way forward submitted