Sale of 10 IL&FS entities underway; board to adopt asset level resolution for group cos: Govt

The resolution process for 10 profitable IL&FS group companies, having total debt of Rs 11,564 crore, is underway, the government informed the National Company Law Appellate Tribunal on Tuesday.

The board IL&FS, which has to repay over Rs 90,000 crore to lenders, has decided to adopt an "asset level resolution" with regard to various group companies and entities.

The directors of IL&FS have contemplated 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 debt of the company.

State-run GAIL has emerged as the highest bidder with offer of Rs 4,800 crore for IL&FS Wind Energy Ltd (IWEL), which has seven operating wind power plants.

"Final bids received. GAIL India Ltd has emerged as the highest bidder," the affidavit said.

The ministry also said Japan-based Orix Corporation, which has 49 per cent stake in each of the seven projects, has expressed ...