PMO reviews IL&FS crisis, board revival plan on October 31

The government-appointed board of Infrastructure Leasing & Financial Services (IL&FS), which met in Mumbai on Thursday, will submit a revival plan with the National Company Law Tribunal (NCLT) on October 31. The board hasn’t sought a bailout by the government; instead, it plans to monetise some assets for revival an official source said. Meanwhile, the Prime Minister’s Office (PMO) is learnt to have held a meeting on Thursday to review the crisis at IL&FS, said another source. The meeting is understood to have taken stock of measures being planned to resolve the crisis swiftly to prevent its contagion from spilling over to the broader financial system.

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