NCLAT stays proceedings against IL&FS

New Delhi, October 15 

The NCLAT today stayed all proceedings against IL&FS and its 348 group firms till a further order, after an urgent petition moved by the government.

The Ministry of Corporate Affairs had approached the  tribunal after the Mumbai Bench of the NCLT turned down its plea to grant 90 days moratorium over the loans taken by IL&FS and its subsidiaries. It also directed to implead the top five lenders of IL&FS and sought their replies over the government’s plea seeking 90-day moratorium. — PTI

Interim relief 

There would also be stay on any action by any party or person or bank or company etc to foreclose, recover or enforce any security interest created over the assets of IL&FS and its 348 group companies