NCLAT adjourns IL&FS case to April 29

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday adjourned the hearing on the matter of the debt-ridden IL&FS to April 29. During the hearing, the tribunal observed that IL&FS should distribute funds to smaller creditors, including the investments made by PF and pension funds, in a manner that 80 pc of their entitled amounts are paid.

The Reserve Bank of India (RBI) counsel Gopal Jain said at the hearing that banks’ non-performing assets (NPAs or bad loans) should reflect in the books of the banks. The NCLAT had, in February, ordered that no financial institution would declare any account of the IL&FS group entities as an NPA without the tribunal’s prior permission. Last month, the RBI moved the appellate tribunal against its February order.

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