The new management of troubled Infrastructure Leasing & Financial Services on Wednesday presented to the National Company Law Tribunal a resolution plan, which includes “significant” capital infusion by shareholders or new investors, divestment of assets, liquidation of a few group companies, and debt restructuring at both group level and business vertical level. The infrastructure financier has taken austerity measures, including a salary cut of 10 per cent for those earning Rs 5 million and more and removing 69 consultants, the resolution plan said, apart from giving instances of fund diversion from the firm.

“We have brought a road map before (the Mumbai bench) that we intend to follow and, from now, it will be the execution of this road map. We have given detailed steps that we intend to follow, the steps already taken and the instances that have come to the notice of the board of directors, as well as on the challenges and threats that were looming when the new board took over," Sanjay Shorey, director of legal prosecution at the corporate affairs ministry, told the tribunal. The new board headed by Kotak Mahindra Bank Chairman Uday Kotak expects to complete the process in the next six to nine months after following the due process in finalisation and implementation of the resolution plan, subject to market and economic conditions.