NCLAT asks IL&FS to consider claims of ITCPL’s operational creditors, file supplementary plan

The National Company Law Appellate Tribunal on Monday asked the IL&FS board to consider a supplementary resolution plan for its subsidiary ITCPL, dealing with the claims of its operational creditors, which include two Chinese companies facing PMLA enquiries. A three-member NCLAT bench said extinguishing the claims of two Chinese companies, which were ITCPL’s capex creditors and operational creditors, is not acceptable and has to be “appropriately considered in a fair and reasonable resolution plan. “For dealing with admitted debts of operational creditors/ capex creditors, an appropriate Resolution Plan has to be made for addressing the claims,” said NCLAT.