Govt to charge Axis Bank, StanChart, Bawa & wife with contempt of NCLT

The ministry is filling two applications and a petition against Bawa and his wife and the banks after it has come to light that the parties have broken the orders of the bankruptcy tribunal

The corporate affairs ministry will on Friday file contempt of court petitions against Axis Bank and Standard Chartered Bank for their alleged role in ex-IL&FS Financial Services managing director Ramesh Chander Bawa and his wife disposing off a portion of their assets which were frozen by the NCLT.

The ministry is filling two applications and a petition against Bawa and his wife and the banks after it has come to light that the parties have gone against the orders of the bankruptcy tribunal.

A bench of VP Singh and Ravikumar Duraisamy had on December 3, 2018 had restrained the former directors of the crippled IL&FS group from mortgaging/selling, or creating third-party interests or in any way alienating movable or immovable or jointly held properties.

However, the NCLT had allowed the former directors of the crippled group to withdraw Rs 2 lakh each per month from one of their bank accounts after intimating the the tribunal.
 

The NCLT has posted the matter for hearing on Friday.

The details of the asset disposals are awaited.