IL&FS board to invite bid for assets by December
The government-appointed board of directors of Infrastructure Leasing & Financial Services Ltd (IL&FS) board will update the National Company Law Tribunal (NCLT) on 31 October about the revival plan, after which it will seek consent from lenders and shareholders.
The board of directors of IL&FS led by Uday Kotak, managing director of Kotak Mahindra Bank, will finalise the information memorandum and the request for proposal (RFP) for auctioning the assets in consultation with the lenders and shareholders.
By December, bids will be invited, a government official privy to the matter said requesting anonymity. The government and the IL&FS board are trying to keep the haircut that banks have to take on the ₹91,000 crore debt to a minimum, he said.
The issue of government superseding the board of IL&FS and its revival will be heard by the NCLT on Wednesday. The IL&FS board is expected to meet on Friday.