NCLAT asks IL&FS to give details of debt-ridden group\'s dues

NCLAT asks IL&FS to give details of debt-ridden group's dues

Earlier, the corporate affairs ministry submitted the debt resolution plan for IL&FS

Press Trust of India  |  New Delhi 

IL&FS
IL&FS

The National Company Law Appellate Tribunal (NCLAT) Friday asked the newly-appointed board of debt-ridden to submit details of the group's dues.

A two-member bench headed by Chairman Justice S J Mukhopadhaya also clarified that there was no stay on the government to proceed with the resolution plan for

During the proceedings, the bench said that whatsoever step is taken by the newly-appointed board and the government for resolution of and its over 300 group would have to be passed by the appellate tribunal.

The has listed the matter for next hearing on April 8.

The bench also said it would hear the banking regulator RBI on the moratorium against IL&FS group at the next hearing.

During the proceedings, senior secured financial creditors of IL&FS asked the tribunal to direct the 'amber' classified companies to discharge their debt liability.

Under its resolution plan, the government has categorised IL&FS group companies into green, amber and red categories based on their respective financial positions.

Companies classified as 'green' would continue to meet their payment obligations, while 'amber' category firms can meet only operational payment obligations to senior secured financial creditors.

Companies falling in the 'red' category are the entities which cannot meet their payment obligations towards even senior secured financial creditors.

Earlier, the corporate affairs ministry submitted the debt resolution plan for IL&FS.

The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code, as per the ministry.

At the previous hearing on March 19, IL&FS had informed that the number of 'green' companies has increased to 50 from 21.

The number of 'amber' companies also increased to 13 from 10.

First Published: Fri, March 29 2019. 16:55 IST