The new board of debt-laden Infrastructure Leasing and Financial Services (IL&FS) will come up with a revival plan for the lender

NCLAT To Hear Plea Over Moratorium On Recovery Of Dues From IL&FS On Jan. 28

The National Company Law Appellate Tribunal on Thursday said it would hear the plea over moratorium on dues recovery from Infrastructure Leasing & Financial Services and group companies on Jan. 28.

A two-member bench headed by Justice SJ Mukhopadhaya adjourned the matter after briefly hearing the submissions from IL&FS group and its lenders. The appellate tribunal asked all parties, including lenders, to file their written submissions before it.

Last month, lenders of IL&FS group opposed before the NCLAT the 90-day moratorium on loan recovery from the debt-laden group and its subsidiaries.

On Oct. 15, NCLAT had stayed all proceedings against IL&FS group and its 348 firms till its further orders, over an urgent petition moved by the government. The Ministry of Corporate Affairs had approached the appellate tribunal after the Mumbai bench of National Company Law Tribunal turned down its plea to grant 90-day moratorium.

The NCLT on Oct. 1 suspended the board of IL&FS on government’s plea and authorized reconstitution of the board by appointing seven directors two days later.