Don't make it a prestige issue, NCLAT tells RBI over IL&FS NPA rule

RBI had approached NCLAT seeking to implead itself as a party in the ongoing IL&FS case

The National Company Law Appellate Tribunal (NCLAT) on Tuesday admitted the Reserve Bank of India’s (RBI’s) plea seeking modification of the February 25 order of the appellate tribunal in which it had said the group companies of Infrastructure Leasing & Financial Services (IL&FS) would not be classified as non-performing asset (NPA) by banks without prior approval.

Asking the RBI not to “ma­ke it a prestige issue”, the NCLAT observed that the central bank should cannot restri­ct the appellate tribunal from passing orders in the issue. The RBI approached NCLAT seeking to implead itself as a party in the ongoing IL&FS case