Expect Gujarat Urja to return IL&FS' assets, pay dues: NCLAT

Debt-laden IL&FS approaches NCLAT, says GUVNL owes them close to Rs 140 crore

The new board of management of debt-laden Infrastructure Leasing & Financial Services (IL&FS) on Thursday approached the National Company Law Appellate Tribunal (NCLAT) seeking directions that Gujarat Urja Vikas Nigam Limited (GUVNL) be directed to release its assets and other dues of nearly Rs 145 crore.

The NCLAT, while agreeing to hear IL&FS, said that GUVNL would release the assets of the former’s subsidiaries such as Lalpur Wind Energy, Ratedi Wind Power, Tadas Wind Energy, and Khandke Wind Energy Private Limited as well as the dues before October 23, when it would next hear the case.

“If Gujarat Urja Vikas Nigam Limited has any counter-claim, it may bring to the notice of this Appellate Tribunal, which may be considered and appropriate order may be passed,” a two-member Bench led by Chairperson Justice S J Mukhopadhaya said.

In its plea before the NCLAT, IL&FS has said that GUVNL has withheld certain properties of the company and its subsidiary Kaze Energy in violation of the appellate tribunal’s October 15 order.

On October 15 last year, the NCLAT had stayed proceedings against IL&FS and its 348 group companies till its further order on an urgent petition moved by the government. The central government had moved the petition after the Mumbai bench of National Company Law Tribunal (NCLT) had rejected its plea to stop proceedings against IL&FS or its subsidiaries.

The NCLAT had then also said that there would also be a 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 including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002".