November 13, 2018 1:07:38 am
The Centre’s plea on providing the IL&FS board immunity from any legal proceedings will come up for hearing in the National Company Law Appellate Tribunal (NCLAT) on Tuesday, where the government’s counsel will argue that the new board needs to be protected from any hurdle in executing its task of finding a “fair value and resolution” for the firm.
The plea was initially rejected by the Mumbai bench of the National Company Law Tribunal but subsequently the appellate tribunal on October 15 passed an interim order which stayed any “suits or any other proceedings by any party, person or bank or company, etc, against IL&FS and its 348 group companies in any court of law/tribunal/arbitration panel or authority”. The appellate tribunal also stayed “any action by any party or person or bank or company, etc to foreclose, recover or enforce any security interest created over the assets of IL&FS and its 348 group companies, including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement or Security Interest Act, 2002”. —FE
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