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. 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 May 22. 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. "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.

Source: Mint June 10, 2019 15:45 UTC