NCLAT grants interim relief to IL&FS, stays proceedings against the company

Bar & Bench October 15 2018

Following a series of defaults by IL&FS caused due to severe illiquidity, the company applied under provisions of the Companies Act, 2013 to reorganize its debt. Today, it got interim relief from the National Company Law Appellate Tribunal (NCLAT), in the nature of a moratorium under the Insolvency and Bankruptcy Code (IBC).

IL&FS had earlier resorted to the Companies Act route as insolvency cannot be triggered against a financial service provider under provisions of the IBC. In the absence of a specific resolution framework for . . .

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