NCLAT raps MCA, IL&FS board over delay in presenting resolution plan

Appellate tribunal to next hear matter on September 5, asks MCA, IL&FS board to file progress report by September 3

The National Company Law Appellate Tribunal (NCLAT) on Thursday pulled up the Ministry of Corporate Affairs (MCA) and the newly appointed board of Infrastructure Leasing & Financial Services (IL&FS) for inordinate delay in presenting the final resolution plan for the debt-laden firm.

"In spite of our order dated 12th July, 2019, no progress report has been filed by Union of India/IL&FS. They are allowed to file the progress report by tomorrow. We make it clear that before the next date of hearing, the Union of India must pass final order and settle the claim of all the creditors with regard to