RBI seeks modification of NCLAT order in IL&FS case1 min read . Updated: 19 Mar 2019, 05:28 PM IST
- The order relates to the classification of debt of IL&FS group companies as non-performing assets (NPAs)
- The NCLAT had provided a moratorium on repayment of loans regarding the accounts of IL&FS and its over 300 group companies
New Delhi: The Reserve Bank of India has moved the National Company Law Appellate Tribunal (NCLAT) over the latter's order regarding classification of debt of IL&FS group companies as non-performing assets (NPAs).
A two-member NCLAT bench, headed by Justice S.J. Mukhopadhaya, had said it would hear the Reserve Bank of India (RBI) on the issue.
During the proceedings, RBI's counsel said there was a overlap of power on the issue.
The tribunal had also asked the Ministry of Corporate Affairs about the progress made with respect to resolution of IL&FS issues.
Further, the tribunal also sought company-wise updates from the Committee of Creditors (CoC) and Resolution Professional (RP).
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