RBI moves NCLAT over IL&FS case

New Delhi,  March 19 

The RBI has moved the National Company Law Appellate Tribunal (NCLAT) over the order passed  regarding classification of debt of IL&FS group companies as NPA.

A two-member NCLAT bench, headed by Justice SJ Mukhopadhaya, has said that it would hear the RBI on the issue.

The RBI is seeking modification of the order passed by the tribunal which has provided moratorium on repayment of loans regarding the  accounts of IL&FS and its over 300 group companies.

During the proceedings, RBI’s counsel said that there was a overlap of power on the issue.

The tribunal has also asked the Ministry of Corporate Affairs about the progress made with respect to resolution of IL&FS issues.

Further, the tribunal has sought company-wise updates from the Committee of Creditors (CoC) and Resolution Professional. — PTI