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Centre seeks extension of IL&FS resolution period by 270 days

New Delhi: The Ministry of Corporate Affairs (MCA) has asked the National Company Law Appellate Tribunal (NCLAT) to extend the period of resolution of 105 IL&FS Group companies by 270 days.

In an affidavit, the MCA has also asked the NCLAT to direct all financial creditors to be part of the committee of creditors (CoC), already constituted or to be constituted in accordance with the resolution framework.

"For the remaining 105 domestic group entities, extend the scope and operation of the order passed by this tribunal on October 15, 2018 for an additional 270 days from the date on which the resolution framework is approved, to enable the new board to complete the resolution of the respondent No. 1 group," the February 7 affidavit said.

It also urged the NCLAT to release Lalpur Wind Energy, Estesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy, Kaze Energy, Jharkhand e-Governance solutions Services, and Infrastructure Development Corporation of Assam and the 55 entities listed in the previous affidavit from the scope and operation of the NCLAT order dated October 15, 2018.

In the October 15 order, the NCLAT had stayed all proceedings against IL&FS Group companies.

The MCA has also asked to approve the composition of the CoC of five SPVs of IL&FS Transportation Networks, constituted in accordance with the resolution framework.

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