IL & FS Board of Directors Develops New Roadmap to Address Lenders' Questions

Banks also asked the court of appeal to allow them not to clbadify the account IL & FS in NPA. Photo: Reuters

New Delhi: The Board of Directors formed by IL & FS on Tuesday informed the National Corporate Appeal Tribunal (NCLAT) that it had established a new roadmap for address the concerns of lenders.

"The new board of directors has set a new roadmap that will answer the question of lenders," Srinivasan told NCLAT court. led by Judge SJ Mukhopadhaya.

"We are asking for permission to place a new roadmap in front of NCLAT," he pleaded. At the hearing, the lenders of the group IL & FS opposed the 90-day moratorium on repayment of the loan by the group responsible for the debt and its subsidiaries.

The banks also asked the court of appeal to allow them not to clbadify the account IL & FS in NPA in case

The main defender Abhishek Manu Singhvi, representative of the bank IndusInd, said that money had to be recovered, as the loans would become NPAs in accordance with the guidelines of the Reserve Bank of India and would constitute a loss for public funds. The IndusInd Bank had contacted NCLAT last week to request a refund of 25 crores in the interest of IL & FS in order to avoid clbadifying the company's account as a non-performing badet.

The court has set December 17 as the next date of hearing. 15, NCLAT had suspended all the lawsuits against the group IL & FS and its 348 companies until further notice, following an urgent petition presented by the government. (NCLT) rejected its request for a 90-day moratorium on loans contracted by IL & FS and its subsidiaries.

The NCLT suspended the board of directors of IL & FS on October 1 and authorized its reconstitution by appointing seven directors. two days later.

(This story was published from an agency thread without modification of the text.Only the title has been modified.)