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National Company Law Appellate Tribunal (NCLAT)has asked IL&FS group to complete the debt resolution process for 58 entities by March 31, 2025.
A debt of ₹37,700 crores has been resolved as of September 30, 2024 with resolution of 188 entities out of 302 entities, and only 114 entities remaining to be resolved, out of which moratorium protection is now only required to be continued for 58 entities.
Some of the lenders had sought the tribunal’s approval to start proceedings under IBC for recovering dues from the 58 IL&FS entities.
They argued that the moratorium on IL&FS group cannot continue infinitely. “We are of the view that sufficient time has elapsed and sufficient time has been given to the Board of IL&FS to take steps to resolve its group companies. It is true that several entities of IL&FS has already been resolved and some are at the final stages of resolution, hence, the protection under order dated 15.10.2018 cannot be allowed to continue for all time to come,” Edelweiss Alternative Asset Advisors Limited had argued .
NCLAT, however, said that since IL&FS has taken steps to resolve the debt of these 58 entities, the case will be heard again on April 1, 2025.
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