National Company Law Appellate Tribunal seeks details on IL&FS dues

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday asked the newly-appointed board of debt ridden IL&FS to submit details of the group’s dues. A two-member bench headed by Chairman Justice S J Mukhopadhaya also clarified that there was no stay on the government to proceed with the resolution plan for IL&FS companies. During the proceedings, the bench said that whatsoever step is taken by the newly-appointed board and the government for resolution of IL&FS and its over 300 group companies would have to be passed by the tribunal.

The NCLAT has listed the matter for hearing on April 8. The bench also would hear the RBI on moratorium against IL&FS group companies at the next hearing. During the proceedings, senior secured financial creditors of IL&FS asked the tribunal to direct the ‘amber’ classified companies to discharge their debt liability. Under its resolution plan, the government has categorised IL&FS group companies into green, amber and red categories based on their respective financial positions.

Companies classified as ‘green’ would continue to meet their payment obligations, while ‘amber’ category firms can meet only operational payment obligations to secured financial creditors. Companies falling in the ‘red’ category are the entities which cannot meet their payment obligations towards even senior secured financial creditors. Earlier, the MCA submitted the debt resolution plan for IL&FS.

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