Lenders to some of the entities related to Infrastructure Leasing and Financial Services Ltd. approached the National Company Law Appellate Tribunal today asking it to direct group companies that can meet some obligation to clear the dues of senior secured creditors.
The bench of Justice SJ Mukhopadhyay and Justice Bansi Lal Bhat has asked the IL&FS group to submit details of the dues, operational creditors and financial creditors of these companies. The lenders want the appellate tribunal to modify its order of cessation on these companies.
The government had earlier categorized the group entities into three categories based on their ability to service debt. Red is for the firms that can’t meet any debt obligations the comes Amber for the ones that can meet some debt obligations and least the Green for the firms that can meet all debt obligations.
On Feb. 25, the tribunal passed an order barring banks and financial institutions from declaring IL&FS and its subsidiaries as a non-performing asset.
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