Ex-brass of IL&FS allowed to withdraw Rs 2 Lakh per month

MUMBAI: The NCLT has allowed the former directors of the crippled IL&FS Group to withdraw Rs 2 lakh each per month from one of their bank accounts after intimating the the tribunal. The former IL&FS Group directors had on January 16 approached NCLT seeking clarification on bench’s December 3, 2018 order restraining them from disposing of or creating any third-party rights on their properties till January 16. In an order dated January 16, the two-member bench of judges VP Singh and Ravikumar Duraisamy said the order of the tribunal was challenged in NCLAT by Rengarajan and the appellate tribunal has allowed the petition to withdraw Rs 2 lakh a month from any one of the bank accounts after intimating the tribunal, they said.