New Delhi: IL&FS group has approached the NCLAT to hunt permission to promote its stake with a “haircut” and with out shareholders’ approval in its corporations, that are bancrupt with unsustainable debt and positioned underneath Class II record of decision framework.
Govt sought time to file a reply from NCLAT within the final listening to earlier over IL&FS’ interim software to promote a stake in group entities falling underneath Class II, whose highest bid quantity was lesser than their debt.
On this course of, “lenders, in addition to shareholders, would anyway should take a haircut for his or her respective debt/ and equities,” IL&FS mentioned, including that it might additionally make sure the revival of such entity, balancing the pursuits of stakeholders. The decision of such corporations is according to the method adopted underneath the Insolvency & Chapter Code, the place the requirement of searching for consent from shareholders is distributed with, IL&FS has submitted. businesses
Govt sought time to file a reply from NCLAT within the final listening to earlier over IL&FS’ interim software to promote a stake in group entities falling underneath Class II, whose highest bid quantity was lesser than their debt.
On this course of, “lenders, in addition to shareholders, would anyway should take a haircut for his or her respective debt/ and equities,” IL&FS mentioned, including that it might additionally make sure the revival of such entity, balancing the pursuits of stakeholders. The decision of such corporations is according to the method adopted underneath the Insolvency & Chapter Code, the place the requirement of searching for consent from shareholders is distributed with, IL&FS has submitted. businesses
