MUMBAI: The government Monday filed an application with the
National Company Law Tribunal (NCLT) here, seeking immunity for the newly-appointed directors of the crippled IL&FS group from any future adverse outcomes.
The corporate affairs ministry has moved the
Mumbai NCLT seeking protection for these directors from any future adverse proceedings as a precautionary measure.
Meanwhile, IL&FS has also filed an application seeking dispensation from appointing independent director on the group companies.
A two-member NCLT bench of VP Singh and Ravikumar Duraisamy scheduled both the matters for detailed hearing on April 12.
The government has appointed an eight-member board headed by banker
Uday Kotak to steer the IL&FS group out of the crisis after it began to default payments due to severe cash crunch since late August.
The government superseded the previous board on October 1, 2018.
The IL&FS group owes over Rs 94,000 crore to banks and other financial institutions, mostly public sector ones.
The government expects a resolution to the crisis over the next four-five months.