IL&FS initiates claims management for 70 group entities

The board of troubled Infrastructure Leasing & Financial Services has initiated a claims management process for 70 group entities, the company said in a press statement. Grant Thornton India LLP has been appointed as the Claims Management Advisor for overseeing and executing the process.

All financial and operational creditors to these 70 entities have been asked to submit a proof of their claims due till October 15, 2018 to Grant Thornton.

“The claims process is being run in an effort to crystallise the financial and operational liabilities of IL&FS Group to facilitate distribution of proceeds from the resolution process,” IL&FS said.