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