Sale of business verticals most feasible option, says new IL&FS board

Proposed resolution framework will be based on the principles of Insolvency and Bankruptcy Code, says new IL&FS board

The newly appointed directors of Infrastructure Leasing & Financial Services (IL&FS) have decided that “an asset level resolution and the sale of business verticals comprising of a basket of companies and other entities” is the most feasible option for the resolution of the company's debt, the Ministry of Corporate Affairs (MCA) told the National Company Law Appellate Tribunal (NCLAT). The proposed resolution framework will be based on the principles of Insolvency and Bankruptcy Code (IBC), the ministry said.

As a part of the resolution process, the sale of ten companies of the IL&FS group, placed in the green category is