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IL&FS crisis: NCLT reserves order on govt's plea seeking 90 days moratorium

BS Reporter/ 13 Oct 18 | 02:35 AM

The National Company Law Tribunal (NCLT) in Mumbai reserved its order on a plea by the corporate affairs ministry to grant a moratorium of 90 days on loans taken by IL&FS and its 348 group companies, a source said. The source said the MCA wanted the tribunal to restrain other creditors of IL&FS from filing suits, in the case of non-repayment of loans. 

Aditya Birla Finance has opposed this move, as it has an exposure of Rs 1.5 billion to an IL&FS group company. 

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IL&FS' lawyer argued the company would face 70 to 80 legal suits across the country if the moratorium was not granted, the source said. 

ALSO READ: IL&FS board initiates austerity measures, appoints directors to 8 main arms

Such litigation challenges will impinge on the company's newly reconstituted board of directors from taking decisions.

The NCLT has reserved its order for a later date.

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