IL&FS Requests More Time from NCLAT for Resolution Process

MUMBAI: In a significant development, IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking an extension to resolve the fate of 57 out of the 108 entities still under its umbrella. The company highlights considerable progress in its restructuring efforts, with 197 of its 302 subsidiaries successfully exiting the insolvency process.

Financial Recovery on Track

To date, lenders have recovered Rs 45,000 crore out of the Rs 99,000 crore owed, with the recovery target now ambitiously set at Rs 61,000 crore. The original deadline for resolving 58 entities was March 31, 2025, a target that saw partial success with Rohtas Bio Energy's exit from insolvency proceedings.

Challenges and Delays

The remaining 57 entities, including major infrastructure projects like Chenani Nashri Tunnelways, are at advanced stages of resolution. However, IL&FS cites external challenges such as arbitrary withdrawal of government approvals and obstructive lender actions as significant hurdles. Delays in payments from government agencies like NHAI and NHIDCL further complicate the resolution process.

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