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The government on Monday filed an application with the National Company Law Tribunal (NCLT) here, seeking immunity for newly-appointed directors of the crippled IL&FS group from any future adverse outcomes.
The Corporate Affairs Ministry has moved the Mumbai NCLT seeking protection for these directors from any future adverse proceedings as a precautionary measure.
Meanwhile, IL&FS has also filed an application seeking dispensation from appointing independent director on the group companies.
A two-member NCLT bench of V.P. Singh and Ravikumar Duraisamy scheduled both the matters for detailed hearing on April 12.
The government has appointed an eight-member board headed by banker Uday Kotak to steer the IL&FS group out of the crisis after it began to default on payments due to a severe cash crunch since late August.
The government superseded the previous board on October 1, 2018.
The IL&FS group owes over Rs 94,000 crore to banks and other financial institutions, mostly public sector ones.
The government expects a resolution to the crisis over the next four-five months.
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