NCLAT allows 22 IL&FS group firms to service debt obligations

The tribunal body has also allowed 133 IL&FS firms incorporated outside India to continue with the resolution process.

Published: 11th February 2019 06:10 PM  |   Last Updated: 11th February 2019 06:10 PM   |  A+A-


The logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) installed on the facade of a building at its headquarters in Mumbai. (File Photo)


NEW DELHI: The National Company Law Appellate Tribunal on Monday allowed 22 companies of crisis-hit IL&FS group to service their debt obligations.

Besides, a two-member bench headed by Justice SJ Mukhopadhaya approved the appointment of former Supreme Court judge Justice DK Jain to supervise resolution process of IL&FS group.

The appellate tribunal also lifted the moratorium and allows 133 IL&FS firms incorporated outside India to continue with the resolution process. "We allow (companies under green categories) the board to permit the company to service debt obligations as per schedule," the firm said.

The NCLAT was hearing the government plea over the IL&FS group.

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