IL&FS crisis: IndusInd Bank moves NCLAT to recover interest of Rs 250 mn

IndusInd Bank has approached the National Company Law Appellate Tribunal to recover outstanding interest amount of Rs 250 million from crisis-hit IL&FS group to avoid being classified as an NPA account.
 

A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has issued notice to the government.
 

The appellate tribunal has directed to list the matter on November 13, when it would hear the main matter.
 

Last month, the government superseded the board of IL&FS to protect the interest of investors.
 

IndusInd Bank is one of the largest lenders to IL&FS group with exposure of over Rs 30 million.