NCLAT to hear plea over moratorium on dues recovery from IL&FS, group firms on 28 Jan

The appellate tribunal has asked all parties including lenders to file their written submissions before it.

Press Trust of India December 20, 2018 16:36:38 IST
NCLAT to hear plea over moratorium on dues recovery from IL&FS, group firms on 28 Jan
  • A two-member bench headed by Justice S J Mukhopadhaya adjourned the matter after briefly hearing the submissions from IL&FS group and its lenders

  • The appellate tribunal has asked all parties including lenders to file their written submissions before it.

  • On 15 October, NCLAT had stayed all proceedings against IL&FS group and its 348 firms till its further orders, over an urgent petition moved by the government.

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday said it would hear the plea over moratorium on dues recovery from IL&FS and group companies on 28 January.

NCLAT to hear plea over moratorium on dues recovery from ILFS group firms on 28 Jan

Representational image. Reuters.

A two-member bench headed by Justice S J Mukhopadhaya adjourned the matter after briefly hearing the submissions from IL&FS group and its lenders.

The appellate tribunal has asked all parties including lenders to file their written submissions before it.

Last month, lenders of IL&FS group opposed before the NCLAT the 90-day moratorium on loan recovery from the debt-laden group and its subsidiaries.

On 15 October, NCLAT had stayed all proceedings against IL&FS group and its 348 firms till its further orders, over an urgent petition moved by the government.

The Ministry of Corporate Affairs had approached the appellate tribunal after the Mumbai bench of the National Company Law Tribunal (NCLT) turned down its plea to grant 90-day moratorium.

The NCLT on 1 October suspended the board of IL&FS on government's plea and authorised reconstitution of the board by appointing seven directors two days later.

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