 "IL&FS board files affidavit with NCLAT; 3 amber entities may become green")
The lenders to debt-laden Infrastructure Leasing & Financial Services (IL&FS) have signed binding term sheets to restructure debt worth Rs 5,071 crore of three group companies — Moradabad Bareilly Expressway, Jharkhand Road Projects Implementation Company and West Gujarat Expressway Limited.
The companies will now be moved to the green category from amber, in line with the directions of the National Company Law Appellate Tribunal (NCLAT) and thus will be able to service their debts to all secured and unsecured lenders. The new board of IL&FS had classified the group companies into three categories — green, amber and red.
The firms under the
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