Debt-Laden Infrastructure Leasing & Financial Services Ltd. has made a decision to constitute a sub-committee to oversee the process of divestment of its assets in light of Reserve Bank of India’s June 7 circular on the resolution of bad loans.
During the meeting, IL&FS board reviewed the progress of divestment of all domestic and foreign assets outlined in its resolution framework. The board has decided to constitute a six-member empowered committee, including four directors Vineet Nayyar, CS Rajan, and Bijay Kumar to discuss and finalize the asset-wise framework of resolution with lenders.
The board decided to empower the panel to take necessary steps to enhance enterprise value of assets under divestment. “This committee is formed in view of positive response received from financial institutions to the framework outlined, by prudent norms for resolution of stressed assets issued by RBI on June 7 earlier this year,” it said.
 the board also decided to allow the bidders for toll road assets to jointly monitor traffic data and assess revenue stream.
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