IL&FS Crisis: NCLAT To Hear Indusind Bank Plea

IL&FS Crisis: NCLAT To Hear Indusind Bank Plea

The National Company Law Appellate Tribunal on Tuesday agreed to hear IndusInd Bank’s plea seeking to recover an interest payment of Rs 25 crore from Infrastructure Leasing & Financial Services (IL&FS). IndusInd Bank, which has an exposure of over Rs 3,000 crore, said it would have to classify the company’s account as a non-performing asset, if the interest part is not paid.

The bank moved the appellate tribunal seeking a “modification in the order of the appellate tribunal”, pronounced on October 15, which stayed any other proceedings against IL&FS and its 348 subsidiaries in any court of law or tribunal, barring the high courts and the Supreme Court.

In its October 15 interim order, the NCLAT had granted a “prayer of moratorium” sought by the government on any party seeking initiation of corporate insolvency resolution process against IL&FS in view of smooth functioning of the new board. Read more

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