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The IL&FS board has briefed the National Company Law Appellate Tribunal (NCLAT) that the board has created a new roadmap to address nonpayment of dues to the lenders. Senior advocate Ramji Srinivasan informed the appellate tribunal that the draft proposal has already been submitted before the Mumbai bench of the National Company Law Tribunal (NCLT).
While appearing for IL&FS, Srinivasan told the NCLAT, “The new board of directors has chalked out a new roadmap which will answer lenders’ question. He pleaded, “We request permission to place a new roadmap before NCLAT.”
The NCLAT bench which is headed by Justice S J Mukhopadhaya was hearing a number of petitions against IL&FS, seeking commencement of insolvency proceedings. During the hearing, lenders of the IL&FS group opposed the 90-day moratorium over loan repayment by the debt-laden group and its subsidiaries.
Senior advocate Abhishek Manu Singhvi, representing IndusInd bank which in the prior week approached NCLAT seeking repayment of Rs 25 crore as interest, stated that money needs to be recovered as the loans would become NPA as per the Reserve Bank of India’s guidelines and would be a loss to public money.
The banks have also asked the NCLAT to allow them not to classify IL&FS account as NPA in case of non-payment. The tribunal has fixed the next date of hearing on 17 December.
