IL&FS case: NCLAT hearing on moratorium issue deferred to Dec 20

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Monday deferred its hearing to December 20 pertaining to Infrastructure Leasing and Financial Services (IL&FS) case.

NCLAT was to hear a plea from the Central government for a moratorium on IL&FS. However, it could not take place due to the absence of NCLAT chairperson.

Earlier this month, the Central government had sought a moratorium on recovery of 90 days on loans by IL&FS and its subsidiaries, as per reports.

The National Company Law Tribunal (NCLT) in October this year granted permission to the Central government for superseding the Board of the debt-ridden firm.

It also appointed a six-member panel, headed by Kotak Mahindra Bank Managing Director Uday Kotak to take over the management with immediate effect. IF&LS has over Rs 91,000 crore in debt.