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NCLAT suggests appointing a former Supreme Court judge for IL&FS asset sales

The National Company Law Appellate Tribunal (NCLAT) Friday suggested that all further proceedings for transfer of assets of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&FS) should take place under the supervision of a retired Supreme Court judge.The new management of the IL&FS is considering assets sales to bail out the company from its financial mess and pay back to its lenders over Rs 90,000 crore."As it appears that a process required to be followed, similar to corporate insolvency resolution process, for the purpose of proper resolution of IL&FS and its subsidiaries," said a two judge bench headed by Justice S J Mukhopadhaya.It further added that in such a case, a Committee of Creditors may be required to be formed f.....

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