RBI seeks modification of NCLAT order in ILFS case

The Reserve Bank of India has moved the National Company Law Appellate Tribunal (NCLAT) over the order passed regarding classification of debt of IL&FS group companies as NPA.

A two-member NCLAT bench, headed by Justice S J Mukhopadhaya, has said that it would hear the RBI on the issue.

The RBI is seeking modification of the order passed by the tribunal which has provided moratorium on repayment of loans regarding the accounts of IL&FS and its over 300 group companies.

During the proceedings, RBI's counsel said that there was a overlap of power on the issue.

The tribunal has also asked the Ministry of Corporate Affairs about the progress made with respect to resolution of IL&FS issues.

Further, the tribunal has sought company-wise updates from the Committee of Creditors (CoC) and Resolution Professional (RP).