Ilfs Resolution Process

Ilfs Resolution Process News

Banks allowed to declare defaulting IL&FS, group companies accounts as NPAs, barred from recovery
Business

Banks allowed to declare defaulting IL&FS, group companies accounts as NPAs, barred from recovery

The NCLAT had in February prohibited banks from recognising any IL&FS group accounts as non-performing assets without first seeking approval from the tribunal.

Let green, amber and red classification guide IL&FS resolution, but how can banks be stopped from declaring outstandings as NPA?
Business

Let green, amber and red classification guide IL&FS resolution, but how can banks be stopped from declaring outstandings as NPA?

The declaration of NPA by banks is not likely to result in proceedings under the Insolvency and Bankruptcy Code (IBC) culminating in controlling interest in IL&FS changing hands because the NCLT is already seized of the matter