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NCLAT seeks details of IL&FS dues to lenders from the newly appointed board

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday asked the government and the debt-ridden IL&FS to submit details of assets and liabilities of 13 entities of the group.

A two-member bench headed by Chairman Justice S J Mukhopadhaya asked the IL&FS group to submit the details of four 'amber' entities -- Hazribagh Ranchi Expressway Ltd, Jharkhand Road Project Implementation Company Ltd, Moradabad Bareily Expressway Ltd and West Gujarat Expressway Ltd.

It also asked IL&FS to prepare a similar list for the rest nine 'amber' entities of the group.

Under its resolution plan, the government has categorised IL&FS group companies into green, amber and red categories based on their respective financial positions.

Companies classified as 'green' would continue to meet their payment obligations, while 'amber' category firms can meet only operational payment obligations to senior secured financial creditors.

 NCLAT seeks details of IL&FS dues to lenders from the newly appointed board

Representational image. Reuters.

Red category entities are those which cannot meet their payment obligations towards even senior secured financial creditors.

In its order Friday, the NCLAT bench said, "Union of India and ILFS Ltd are allowed to submit details of assets and liabilities of each of aforesaid four entities, including the amount payable to one or other financial creditor and operational creditor."

The matter with regard to these four amber entities will be taken up on the next date of hearing, which is 8 April.

"However, in the meantime, with regard to rest of the nine Amber entities, similar status report be prepared and kept ready for taking up their matter subsequently," the order said.

During the proceedings, the appellate tribunal also clarified that there was no stay on the government to proceed with the resolution plan for IL&FS companies.

The bench also said it would hear the banking regulator RBI on moratorium against IL&FS group companies at the next hearing.

During the proceedings, senior secured financial creditors of IL&FS asked the tribunal to direct the amber companies to discharge their debt liability.

Earlier, the corporate affairs ministry submitted the debt resolution plan for IL&FS.

The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code, as per the ministry.

During the previous hearing on 19 March, IL&FS had informed NCLAT that the number of 'green' companies has increased to 50 from 21.

The number of 'amber' companies also increased to 13 from 10.

IL&FS, which is facing a debt burden of over Rs 90,000 crore, is in the process of classification of the rest group companies.

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Updated Date: Mar 29, 2019 20:14:02 IST