NCLAT to hear plea over moratorium on loan recovery from IL&FS on Jan 28

The National Company Law Appellate Tribunal (NCLAT) Thursday said it would hear the plea over moratorium on dues recovery from IL&FS and group companies on January 28.

A two-member bench headed by Justice S J Mukhopadhaya adjourned the matter after briefly hearing the submissions from IL&FS group and its lenders.

The appellate tribunal has asked all parties including lenders to file their written submissions before it.

Last month, lenders of IL&FS group opposed before the NCLAT the 90-day moratorium on loan recovery from the debt-laden group and its subsidiaries.

On October 15, NCLAT had stayed all proceedings against IL&FS group and its 348 firms till its further orders, over an urgent petition moved by the government.

The Ministry of Corporate Affairs had approached the appellate tribunal after the Mumbai bench of National Company Law Tribunal (NCLT) turned down its plea to grant 90-day moratorium.

The NCLT on October 1 suspended the board of IL&FS on government's plea and authorised reconstitution of the board by appointing seven directors two days later.