Five years after the government appointed an independent board to resolve the mega-failure of Infrastructure Leasing & Financial Services (IL&FS), the new management has dragged one of the two water management companies of Tamil Nadu (TN) to the national company law tribunal (NCLT) for having stopped repayment of loan to IL&FS. The case comes of up for hearing on 31st January.
The good news is that Infrastructure Leasing & Financial Services (IL&FS), under the government-appointed board of directors has managed to secure a lot of assets, and, over a four-year period, made payouts through two entities.