IL&FS wants NCLAT direction on removal of PFC as one of its top 5 creditors
IL&FS will seek directions from the NCLAT for removal of Power Finance Corporation (PFC) as one of the top five creditors, due to the transfer of wind power assets.
In its October 15 Order, the NCLAT had directed, “Taking into consideration the nature of the case, we are of the view that five largest creditors should be also impleaded as party Respondents to these appeals”.
The five largest creditors of the IL&FS Group were impleaded as respondent parties in the appeals, including, State Bank of India, Bank of India, Bank of Baroda, IndusInd Bank Limited and Power Finance Corporation Limited.
At this juncture, IL&FS has noted that PFC was impleaded as one the ‘five largest creditors’ owing to its exposure to 5 of the Wind SPVs, amongst other entities in the IL&FS Group.
