NCLAT gives go-ahead to IECCL resolution

The NCLAT has approved the insolvency resolution of IL&FS Engineering and Construction Company Limited, separating it from other IL&FS entities. The ICICI-led consortium opposing the resolution can still contest the debt extinguishment or partial payment. Voting on a binding bid for IL&FS's 42.25% stake is expected by September 30, 2024.