• Saturday, 20 July 2019

NCLAT adjourns IL and FS case hearing to April 29

Apr 17, 2019 (3 months ago) |
New Delhi, April 16 : The National Company Law Appellate Tribunal (NCLAT) on Tuesday adjourned to April 29 the hearing on the matter of the debt-ridden Infrastructure Leasing and Financial Services (IL and FS).
During the hearing, the tribunal observed that ILiamp;FS should distribute funds to smaller creditors, including the investments made by provident funds (PF) and pension funds, in a manner that 80 per cent of their entitled amounts are paid.

The Reserve Bank of India (RBI) counsel Gopal Jain said at the hearing that banks' non-performing assets (NPAs or bad loans) should reflect in the books of the banks.

The NCLAT had, in February, ordered that no financial institution would declare any account of the ILiamp;FS group entities as an NPA without the tribunal's prior permission. Last month, the RBI moved the appellate tribunal against its February order.

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NCLAT adjourns IL and FS case hearing to April 29

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