Monday, May 16

Tag: NCLAT

NCLAT Authorizes Banks to Reveal Defaulting IL&FS Accounts as NPAs
Corporate, News, Regulatory

NCLAT Authorizes Banks to Reveal Defaulting IL&FS Accounts as NPAs

Highlights The National Company Law Appellate Tribunal (NCLAT) on Thursday permitted the banks to reveal the accounts of IL&FS and its set of companies as non-performing assetsCurrently, the IL&FS Group companies have a cumulative debt of over INR 90,000 croreThe RBI urged the NCLAT, filing an appeal to tweak the order allowing the banks to reveal the defaulting accounts of IL&FS as NPAs The National Company Law Appellate Tribunal (NCLAT) on Thursday permitted the banks to reveal the accounts of IL&FS and its set of companies as non-performing assets (NPAs) regarding the defaulted payments. Chairman Justice SJ Mukhopadhaya elevated the ban on the banks to reveal the in-debt accounts of IL&FS and its group of 300 entities. The NCLAT has made it clear that the b...