‘Appoint former SC judge to oversee IL and FS’

The National Company Law Appellate Tribunal (NCLAT) stayed all arbitration proceedings against the cash-strapped company and ordered IL&FS to submit details of all the arbitral proceedings going on against it and its 348 subsidiaries.

However, arbitration proceedings where IL&FS is getting money will continue, the two-member bench headed by NCLAT Chairperson Justice SJ Mukhopadhaya said.

The appellate tribunal suggested that all further proceedings of transfer of assets of IL&FS should take place under the supervision of a retired Supreme Court judge.

The group, which had a debt of more than Rs 91,000 crore at the end of March 2018, is trying to sell its companies and their assets as part of its asset monetisation efforts to pay off the dues. Next hearing on the matter will be held on January 28.

On October 1, the Central government superseded the management of IL&FS by appointing a six-member board led by banker Uday Kotak to restore its financial solvency after it defaulted on payment dues triggering liquidity concerns in the NBFC sector.