Ex-officials of IL&FS can withdraw Rs 2Lakh/month, says NCLT

The NCLT stated that its earlier order dated December 3 had been modified by the National Company Law Appellate Tribunal (NCLAT), allowing the officials to withdraw only Rs 2 lakh per month.

Earlier this week, a lawyer representing Ravi Parthasarathy, former chairman of IL&FS, had pointed out that his client needed to pay for his ongoing treatment.

The Mumbai bench of the National Company Law Board (NCLT) on Friday clarified that nine former officials of IL&FS are allowed to withdraw a sum of only Rs 2 lakh per month after Roopa Kapoor, wife of Vibhav Kapoor, former director of IL&FS Investment Managers (IIML), approached the court earlier this week, claiming HSBC has frozen her bank account.

The NCLT stated that its earlier order dated December 3 had been modified by the National Company Law Appellate Tribunal (NCLAT), allowing the officials to withdraw only Rs 2 lakh per month.

On Friday, the NCLT noted: “We are of the view that order passed by us on December 3, 2018, stands modified to the extent of the order of Hon’ble NCLAT and by implication of that order a sum of Rs 2 lakh per month can be withdrawn from bank account after intimating the tribunal. Hon’ble NCLAT has further prohibited from withdrawing any further amount from the said or any other account.”

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Earlier this week, a lawyer representing Ravi Parthasarathy, former chairman of IL&FS, had pointed out that his client needed to pay for his ongoing treatment.

He argued, saying, “My client is suffering from cancer and the cost of the treatment is way more than the monthly limit of Rs 2 lakh. If such order is passed then it will be very difficult for him to carry on with the treatment. In my client’s case, it is a situation of life and death”.

(With Inputs from FE)

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