IL&FS approaches NCLAT seeking release of Rs 145 crore held by Gujarat Discom

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.

IL&FS

Published : Sep 26, 2019, 3:57 PM IST

New Delhi: 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 a 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 the 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 the 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.

New Delhi: 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 a 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 the 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 the 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.

ZCZC
PRI ECO GEN NAT
.MUMBAI BOM7
MH-PMC-COMPLAINT (RPT)
Customers file police complaint against PMC Bank's officials
(Eds: Adding a word in headline)
Mumbai, Sep 26 (PTI) Several account holders of the
crippled Punjab and Maharashtra Cooperative (PMC) Bank filed a
joint police complaint on Thursday against the bank's chairman
and its directors for alleged misappropriation of funds of the
customers, a police officer said.
A delegation of account-holders went to Sion police
station in central Mumbai and submitted the complaint against
officials of the bank, on which the RBI has imposed
operational restrictions, he said.
The delegation in its complaint alleged that at least
14 people, including the PMC Bank's chairman and all its
directors, were involved in misappropriation of funds of the
account holders, he said.
They requested the police to take proper action
against those named in their complaint and confiscate their
passports, so that they are not able to escape from the
country, the official said.
They also sought an explanation from the bank's
chairman and directors over misappropriation of funds of the
customers, he said.
"We have receiveda written application from account
holders of the PMC Bank. Further action will be taken after
examining the complaint," the police officer said.
The Reserve Bank of India (RBI) on Tuesday imposed
operational restrictions on the PMC Bank.
As per the RBI's directions, withdrawals have been
capped at Rs 1,000 per account and the bank is not allowed to
make any fresh loans.
"The issue of the directions by the Reserve Bank
should not, per se, be construed as cancellation of its
banking licence. The bank will continue to undertake banking
business with restrictions till further notice/instructions,"
the RBI said in a notification.
The restrictions will be in force for six months, the
RBI said.
According to PMC Bank's website, the lender was
awarded the scheduled status in 2000 and has a presence in
multiple states.
On Wednesday, the bank tried to allay fears of the
depositors and customers, saying it has enough liquidity to
meet all liabilities and every penny of the public is secure.
Asserting that all its loans are fully secured, the
management admitted that one large account - HDIL- is the sole
reason for the present crisis. PTI DC
GK

GK
GK
09261304
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IL&FS approaches NCLAT seeking release of Rs 145 crore held by Gujarat Discom

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.

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