IL&FS submits revival plan to NCLT, proposes capital infusion, assets' sale

The new board expects to complete the process in the next 6 to 9 months

The new management of troubled Infrastructure Leasing & Financial Services on Wednesday presented to the National Company Law Tribunal a resolution plan, which includes “significant” capital infusion by shareholders or new investors, divestment of assets, liquidation of a few group companies, and debt restructuring at both group level and business vertical level. The infrastructure financier has taken austerity measures, including a salary cut of 10 per cent for those earning Rs 5 million and more and removing 69 consultants, the resolution plan said, apart from giving instances of fund diversion from the firm.

“We have brought a road map before