New Delhi, June 10 (IANS) The board of crisis-ridden IL&FS on Monday extended the deadline for filing of claims under its claims management process from June 5 to June 20, 2019.
The extension comes after National Company Law Appellate Tribunal’s (NCLAT) May 29 order, wherein the court had extended the period for lenders to file their claims by June 20.
The new board led by Uday Kotak had initiated a claims management process for 70 group entities, through the launch of pan-India public notices on May 22, 2019.
“The claims process is being run in an effort to crystallise the financial and operational liabilities of IL&FS Group to facilitate distribution of proceeds from the resolution process. Distribution of proceeds will be in accordance with the proposed Resolution Framework filed with the NCLAT by the Union of India,” IL&FS said in a statement.
All financial and operational creditors to the 70 entities have been invited to submit proof of their claim, in respect of liabilities due up to and including October 15, 2018, to Grant Thornton, the claims management advisor.
Claims are being invited for the initial list of 70 identified companies which are currently part of an ongoing sale process or have been identified for sale in the first phase. The other entities of the IL&FS group will be addressed in subsequent phases, it said