IL&FS Scam: NCLAT Defers Hearing to 20th December in Moratorium Matter
Moneylife Digital Team 17 December 2018
The National Company Law Appellate Tribunal (NCLAT) on Monday deferred to 20 December 2018 its hearing in the Infrastructure Leasing and Financial Services (IL&FS) moratorium case.
 
According to BTVI, the hearing could not take place today due to absence of NCLAT chairperson.
 
 
In November this year, several lenders of IL&FS had opposed the 90-day moratorium over loans taken by the debt-laden group and its subsidiaries. Lenders also requested the NCLAT to allow them not to classify IL&FS accounts as non-performing assets (NPAs) in case of defaults.
 
However, there was no decision and the NCLAT had fixed 17th December as the next date of hearing. 
 
During October, the NCLAT had stayed all proceedings against IL&FS group and its 348 group companies till further orders, over an urgent petition moved by the government.
 
Earlier, the ministry of corporate affairs (MCA) had approached the appellate tribunal after the Mumbai bench of NCLT turned down its plea to grant 90-day moratorium over the loans taken by IL&FS and its subsidiaries. 
 
On 1 October 2018, the NCLT had suspended the board of IL&FS on the government's plea and authorised reconstitution of the board by appointing seven directors two days later.
Comments
Free Helpline
Legal Credit
Feedback