IL&FS’s new board moves NCLAT urges it to curb PSB from tagging group firms as wilful defaulters.
IL&FS’s new board moves NCLAT urges it to curb PSB from tagging group firms as wilful defaulters.
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | March 19, 2024 | Economy
Syllabus: GS-III Subject: Economy(E) Topic: Banking and Financial Intermediaries, Issue: NCLAT.
Context: IL&FS’s new board seeks NCLAT intervention to prevent 11 public sector banks from declaring group firms as “wilful defaulters.”
Key Issues:
- IL&FS alleges banks of violating orders, and harassing directors;
- Urges NCLAT to restrain coercive actions, and safeguard interests during resolution.
Prelims Connect (Institutions in news)
| NCLAT(National Company Law Appellate Tribunal) :
● Established in 2016 under the Companies Act, ● Functions: Reviewing appeals on ● NCLT decisions under the Insolvency and Bankruptcy Code (IBC), ● Insolvency and Bankruptcy Board of India decisions ● Competition Commission of India (CCI). ● It ensures timely disposal of appeals, typically within six months. |
Source: The Hindu
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