IL&FS Crisis: Creditor Hierarchy Under Insolvency Law Cannot Be Followed, NCLAT Says
The IL&FS building in Mumbai. The IL&FS crisis came to light late last year after some of the group entities defaulted on debt repayment. (Photographer: Abhijit Bhatlekar/Bloomberg News)

IL&FS Crisis: Creditor Hierarchy Under Insolvency Law Cannot Be Followed, NCLAT Says

Creditor hierarchy laid down under the insolvency law cannot be applied to the resolution of Infrastructure Leasing & Financial Services Ltd., and distribution to creditors and shareholders must be...
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