Lenders oppose moratorium against IL&FS at NCLAT

Lenders of IL&FS group Tuesday opposed before the NCLAT the 90-day moratorium over the loans taken by the debt-laden group and its subsidiaries.

The banks have also asked the appellate tribunal to allow them not to classify IL&FS account as NPA in case of non-payment.

Meanwhile, the newly formed board of IL&FS informed National Company Law Appellate Tribunal (NCLAT) that it has prepared a road map to revamp the company.

The tribunal has fixed December 17 as the next date of hearing.

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 over the loans taken by IL&FS and its subsidiaries.

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