IL&FS approaches NCLAT seeking release of Rs 145 cr held by Gujarat discom

Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam

Press Trust of India September 26, 2019 12:37:00 IST
IL&FS approaches NCLAT seeking release of Rs 145 cr held by Gujarat discom
  • A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued a notice to the Gujarat Urja Vikas Nigam over the IL&FS plea

  • NCLAT has directed to list the matter for next hearing on 15 October

  • According to senior advocate Ramji Srinivasan appearing for IL&FS, the matter relates to the payment of five IL&FS wind energy companies

New Delhi: Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam.

A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued a notice to the Gujarat Urja Vikas Nigam over the IL&FS plea.

ILFS approaches NCLAT seeking release of Rs 145 cr held by Gujarat discom

Representational image. Reuters.

NCLAT has directed to list the matter for next hearing on 15 October.

According to senior advocate Ramji Srinivasan appearing for IL&FS, the matter relates to the payment of five IL&FS wind energy companies.

IL&FS had approached Gujarat Energy Regulatory Commission regarding this but could not get relief there.

IL&FS Group, which has a total debt of above Rs 90,000 crore, is going through a debt resolution plan.

The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code and is supervised by Justice D K Jain.

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