Lawstreet Journal

IL&FS toInitiate bankruptcy proceeding against two offshore firms at UAE

Lawstreet Journal 8 Sep 2020 12:40am

Image courtesy: Lawstreet Journal Business IL&FS toInitiate bankruptcy proceeding against two offshore firms at UAE

IL&FS has proposed to initiate the proceedings of bankruptcy for two of its offshore firms named as ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) - in the courts of the UAE.

It has requested the National Company Law Tribunal (NCLT), Mumbai being to take on record of its proposal to initiate the bankruptcy proceedings before the Dubai Courts under UAE Federal Decree.

The tribunal had given its consent to the decision of the board which is newly constituted by the IL&FS and observed that the initiation of bankruptcy proceedings has been found to be the best option for the respective two firms.

"After hearing both the sides and on perusal of records, this bench is of the view that the initiation of bankruptcy proceedings is the best option in the given scenario. The same is recorded as prayed for. In the circumstances, the proposal of the applicant for initiation of insolvency proceedings of IIDL and IIDMCC is taken on record," the NCLT said.

The tribunal also provided its observance that the Regional Director (WR), MCA, Mumbai representing the government has also don’t have any objection.

"There is no objection from the Petitioner (MCA) for the proposal of the Applicant," it said.

Justice D K Jain, who is supervising the assets, has already accorded his approval for the initiation of bankruptcy proceedings for both - IIDMCC and IIDL - in May this year.

National Company Law Appellate Tribunal (NCLAT) through its order on February 11, 2019, provided the roadmap for IL&FS, the offshore entities of… Continue Reading...

Tagged: Insolvency and Bankruptcy Code   Insolvency and Bankruptcy Board of India  
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