The National Company Law Appellate Tribunal (NCLAT) has allowed the banks to declare the accounts of IL&FS and its group companies as non-performing assets(NPA) if they have defaulted on payments.NPA is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days. However,the appellate tribunal has said… Continue reading NCLAT allows banks to declare defaulting IL&FS, group companies as NPAs
Tag: NCLAT
Cabinet okays creation of additional posts in NCLAT
The Union Cabinet has approved creation of additional posts of 3 Judicial Members and 3 Technical Members in the National Company Law Appellate Tribunal (NCLAT). National Company Law Appellate Tribunal (NCLAT) was constituted under the Companies Act, 2013 for hearing appeals against the orders of (a) National Company Law Tribunal(s) (NCLT) (b)Insolvency and Bankruptcy Board… Continue reading Cabinet okays creation of additional posts in NCLAT
RBI seeks modification of NCLAT order in IL&FS case
The Reserve Bank of India has decided to appeal in the National Company Law Appellate Tribunal(NCLAT) to seek a modification of its earlier order. Earlier,NCLAT had restrained banks from declaring accounts of Infrastructure Leasing and Financial Services (IL&FS) and its group companies as non-performing assets (NPA).NPA is a loan or advance for which the principal… Continue reading RBI seeks modification of NCLAT order in IL&FS case
ArcelorMittal to take over debt-ridden Essar Steel
The National Company Law Tribunal (NCLT) has approved the bid of Arcelor-Mittal for the takeover of debt-ridden Essar Steel. The approval comes after the National Company Law Appellate Tribunal (NCLAT) had directed NCLT to take a decision on ArcelorMittal’s offer for Essar Steel plant by 8 March,2019. Under Insolvency and Bankruptcy Code(IBC),National Company Law Tribunal… Continue reading ArcelorMittal to take over debt-ridden Essar Steel
IL&FS accounts can’t be NPAs without NCLAT nod
The National Company Law Appellate Tribunal (NCLAT) has said Infrastructure Leasing and Financial Services (IL&FS) accounts will not be declared as non-performing assets (NPA) without approval from the appellate tribunal. The order comes after the NCLAT said that subsidiaries of IL&FS would be divided into three categories — Green (companies that can meet all debt… Continue reading IL&FS accounts can’t be NPAs without NCLAT nod
