IL&FS Approaches NCLAT Seeking Release Of Rs 145 Crore Held By Gujarat Discom
A man holds a two thousand Indian rupee banknote and a five hundred Indian rupee banknote for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)  

IL&FS Approaches NCLAT Seeking Release Of Rs 145 Crore Held By Gujarat Discom

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Debt-ridden firm Infrastructure Leasing & Financial Services Ltd. has approached the National Company Law Appellate Tribunal seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam.

A two-member NCLAT bench headed by Chairperson Justice SJ Mukhopadhaya has issued notice to the Gujarat Urja Vikas Nigam over the IL&FS plea.

NCLAT has directed to list the matter for next hearing on Oct. 15.

According to senior advocate Ramji Srinivasan appearing for IL&FS, the matter relates to payment of five IL&FS wind energy companies.

IL&FS had approached Gujarat Energy Regulatory Commission regarding this but could not get relief there.

IL&FS Group, which has a total debt of above Rs 90,000 crore, is going through debt resolution plan.

The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code and is supervised by Justice DK Jain.

Also read: Three IL&FS Entities Turn Green After Signing Term Sheets With Lenders

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