Govt submits debt resolution plan for IL&FS; ex-SC judge to oversee process

The government on Monday submitted a debt resolution plan for crisis-hit IL&FS to the National Company Law Tribunal, proposing that retired Supreme Court judge Justice D K Jain supervise the process.

The resolution process will be based on principles enunciated in the Insolvency and Bankruptcy Code. The government’s plan tags IL&FS group companies into green, amber and red based on their respective financial positions.

The corporate affairs ministry has fixed September 30, 2018 as the cut-off date for entertaining the claims submitted by the lenders. On October 1 last year, a newly appointed board took over the reins of IL&FS.