Board approves update of resolution proposal before NCLT Mumbai after CoC nod
Resolution process is run by IL&FS under MCA supervision, per NCLT/NCLAT orders.
What the company said
- The resolution process of the company is being undertaken by Infrastructure Leasing and Financial Services (IL&FS), under the supervision of the Ministry of Corporate Affairs (MCA), read with various orders of the Hon'ble NCLT / NCLAT passed from time to time.
- The resolution proposal has been approved by the requisite majority of the Committee of Creditors (CoC).
- As the next step, the Board of IL&FS has approved the update of the proposal before the Hon'ble NCLT, Mumbai, for its consideration and approval.
- The disclosure is made under Regulation 30(7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
What this means in simple terms
A resolution process is the structured route through which a financially stressed company's plan is worked out and decided. Here, the company states that the process is being run by IL&FS, under the supervision of the Ministry of Corporate Affairs, along with orders passed by the Hon'ble NCLT / NCLAT from time to time.
The Committee of Creditors, which is the group of lenders that takes a call on the plan, has approved the resolution proposal by the requisite majority. That approval is described as the step before the present one.
The wording to note carefully is "approved the update of the proposal". This is an approval to place the proposal before the Hon'ble NCLT, Mumbai, for its consideration and approval. The update states the approval is given by the Board of IL&FS, which is running the resolution process.
What happens next
- The proposal now moves to the Hon'ble NCLT, Mumbai.
- It will be placed there for its consideration and approval.
The company states that this disclosure is for the records of the exchanges.
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