NCLAT allows 22 IL&FS firms to pay debt; approves Justice DK Jain for resolution process


NCLAT allows 22 IL&FS firms to pay debt; approves Justice DK Jain for resolution process

The National Company Law Appellate Tribunal (NCLAT) on Monday allowed 22 companies of crisis-hit IL&FS group, which were classified in green category based on their financial health, to service their debt obligations.

Besides, a two-member bench headed by Justice S J Mukhopadhaya approved appointment of former Supreme Court judge Justice D K Jain to supervise resolution process of crisis-hit IL&FS and its group companies.

The appellate tribunal also lifted moratorium and allowed 133 IL&FS firms incorporated outside India to continue with the resolution process.

“We allow the boards (of the green companies) to permit them to service debt obligations as per schedule,” said NCLAT. Read More

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