The National Company Law Appellate Tribunal (NCLAT) on 2 May allowed the banks to declare as non-performing assets the accounts of IL&F. Its group companies that have defaulted on payments.
A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo. Its on the banks to declare the accounts of the debt-ridden IL&FS. Its 300 group entities, which are unable to pay their debt.
However, the appellate tribunal has also clarified that although the banks would declare the IL&FS accounts as NPAs. However, it initiate recovery process and debit money.Share this to your,