NCLAT allows bankers to declare IL&FS as non-performing assets
New Delhi [India], May 2 (ANI): Delhi's National Company Law Appellate Tribunal (NCLAT) on Thursday allowed the banker to declare loan and Infrastructure Leasing and Financial Services (IL&FS) as a non-performing asset that has defaulted on the payments.
ANI
May 02, 2019 22:39 IST
New Delhi [India], May 2 (ANI): Delhi's National Company Law Appellate Tribunal (NCLAT) on Thursday allowed the banker to declare loan and Infrastructure Leasing and Financial Services (IL&FS) as a non-performing asset that has defaulted on the payments.
A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the accounts of the debt-ridden IL&FS and its 300 group entities. The banks have around Rs 55,000 crore loan exposure to IL&FS.
The NCLAT had allowed banks to declare their loans as NPA but the banks can't start recovery proceedings.
The appellate tribunal has fixed May 21 as the next date of hearing. (ANI)
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