IL&FS board extends deadline for claims submission to 20 June after NCLAT order

New Delhi: The board of IL&FS has extended the deadline for submission of claims to June 20 following an order passed by the National Company Law Appellate Tribunal.The earlier deadline was 5 June.In a release on Monday, IL&FS said the new board initiated a comprehensive claims management process for 70 group entities through the launch of pan-India public notices on 22 May."This extension is pursuant to the order passed by the NCLAT on 29 May, 2019, wherein the court had extended the period for lenders to file their claims by 20th June, 2019," it added.[caption id="attachment_5309041" align="alignleft" width="380"]

Representational image. Image courtesy: IL&FS[/caption]According to the release, 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.Grant Thornton India LLP is claims management advisor."Claims are being invited for an 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 appropriately in subsequent phases," the release said.The crisis at IL&FS came to light late last year after some of the group entities defaulted on debt repayment. Subsequently, the board was superseded by the government and the issues are being addressed.