Claim Management

The Union of India, acting through the Ministry of Corporate Affairs has sought immediate suspension of the board of directors and appointment of specified new directors for Infrastructure Leasing & Financial Services Limited (“IL&FS”), on grounds of mismanagement of public funds. The NCLT invoked its powers and granted the interim prayer of suspending the existing board of directors on October 1, 2018 and reconstituting the same with persons proposed by the Union of India.

Pursuant to the Report on Progress and Way Forward dated October 30, 2018 submitted by IL&FS to the Ministry of Corporate Affairs, Government of India which, in turn, was filed with the NCLT, the creditors of IL&FS Group companies are invited to submit their claims along with proof in respect of liabilities due up to and including October 15, 2018. Such claims are to be submitted to the appointed Claims Management Advisor, Grant Thornton Bharat LLP (formerly known as Grant Thornton India LLP)