NCLAT gives go-ahead to IECCL resolution, delinks with other IL&FS cos

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NCLAT gives go-ahead to IECCL resolution, delinks with other IL&FS cos - Business Standard

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However, the National Company Law Appellate Tribunal (NCLAT) also clarified that ICICI-led consortium, which is opposing the IECCL resolution, would have the liberty to press for its "objection on the extinguishment of its entire debt, or mere payment of 42.25 per cent shareholding of IECCL in the ongoing resolution process".IL&FS, which owns 42.25 per cent of IECCL, is selling a stake in the company and has invited bids under the Swiss Challenge method.

The NCLAT on Thursday gave a go-ahead to the insolvency resolution of IL&FS Engineering and Construction Company Limited (IECCL) and delinked it with the other listed loss-making companies of debt-ridden IL&FS.

It has received a binding bid from a prospective buyer and voting by lenders is expected to be completed by September 30, 2024.