Debt-ridden IL&FS to file bankruptcy for its offshore firms IIDL, IIDMCC in UAE

"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.

from Banking/Finance-Industry-Economic Times
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