Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued notice to the Gujarat Urja Vikas Nigam over the IL&FS plea.
NCLAT has directed to list the matter for next hearing on October 15. According to senior advocate Ramji Srinivasan appearing for IL&FS, the matter relates to payment of five IL&FS wind energy companies.
IL&FS had approached Gujarat Energy Regulatory Commission regarding this but could not get relief there. IL&FS Group, which has a total debt of above Rs 90,000 crore, is going through debt resolution plan. The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code and is supervised by Justice D K Jain.
Source: Financial Express, September 26, 2019