NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Monday stayed all complaints in opposition to IL&FS and different staff corporations until its additional order.
The appellate tribunal order came visiting an pressing petition moved via the Ministry of Corporate Affairs after the Mumbai bench of NCLT had became down its plea for 90 days moratorium over the loans taken via the IL&FS and its subsidiaries.
A two-member NCLAT bench headed via Justice S J Mukhopadhaya has asked the top five lenders of IL&FS to publish their replies over the federal government's plea for 90 days moratorium.
"Until further orders there should be stay of any proceedings by any parties against IL&FS and its 348 subsidiaries in any court of law or tribunal," said NCLAT.
The appellate tribunal has directed to record the topic on November 13 for next listening to.
The govt had asked the National Company Law Tribunal (NCLT) to restrain different creditors of IL&FS from filing fits, in terms of non-repayment of loans.
IL&FS' legal professional argued the corporate would face 70 to 80 legal fits across the nation if the moratorium used to be no longer granted.
This moratorium would assist the new board to create a speedier solution plan for the debt-laden company.
The appellate tribunal order came visiting an pressing petition moved via the Ministry of Corporate Affairs after the Mumbai bench of NCLT had became down its plea for 90 days moratorium over the loans taken via the IL&FS and its subsidiaries.
A two-member NCLAT bench headed via Justice S J Mukhopadhaya has asked the top five lenders of IL&FS to publish their replies over the federal government's plea for 90 days moratorium.
"Until further orders there should be stay of any proceedings by any parties against IL&FS and its 348 subsidiaries in any court of law or tribunal," said NCLAT.
The appellate tribunal has directed to record the topic on November 13 for next listening to.
The govt had asked the National Company Law Tribunal (NCLT) to restrain different creditors of IL&FS from filing fits, in terms of non-repayment of loans.
IL&FS' legal professional argued the corporate would face 70 to 80 legal fits across the nation if the moratorium used to be no longer granted.
This moratorium would assist the new board to create a speedier solution plan for the debt-laden company.
NCLAT stays proceedings against IL&FS, group cos
![NCLAT stays proceedings against IL&FS, group cos]()
Reviewed by Kailash
on
October 16, 2018
Rating:
