New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday asked the government and the newly appointed board of the company to submit financial details, including amounts payable to creditors, regarding 13 IL&FS group entities.
It also said that whatsoever step taken by the Uday Kotak-led board and the government for resolution of IL&FS and its over 300 group companies, would have to be passed by the appellate tribunal.
The tribunal’s move comes at a time when it has observed that companies falling in the ‘red’ category are the entities which cannot meet their payment obligations towards even senior secured financial creditors.
During the proceedings, a two-member bench headed by Chairman Justice SJ Mukhopadh-aya clarified that there was no stay on the government to proceed with the resolution plan for IL&FS entities.
