Meanwhile, IL&FS companies will be sold based on the sectors. The company directors have decided that “an asset level resolution and the sale of business verticals comprising a basket of companies and other entities” is the most feasible option for the resolution of the company's debt.
The ten companies in the green category, for which the new directors of IL&FS have initiated the sale process, include Lalpur Wind Energy Private Limited, Etesian Urja Limited, ONGC Tripura Power Company Limited, IL&FS Paradip Refinery Water Limited, IL&FS Solar Power Limited, Mangalore SEZ Limited, and IL&FS Technologies Limited. Of the total subsidiaries of IL&FS, only 11 remain to be classified.
Outstanding loans of the IL&FS group are about Rs 60,000 crore, while its overall debt is over Rs 91,000 crore. IL&FS was taken to NCLT under the provisions of the Companies Act in October 2018. The original board was replaced with a government-appointed board. The government replaced the IL&FS board in October last year with six select nominees and moved the company to the National Company Law Tribunal (NCLT) for insolvency proceeding.
The Serious Fraud Investigation Office (SFIO) is investigating IL&FS entities. The role of its auditors is being looked into.