NCLAT expresses displeasure over delay in IL&FS resolution

The National Company Law Appellate Tribunal (NCLAT) has expressed its displeasure over the slow progress by the government and IL&FS in the resolution of the debt-ridden companies of the group. The tribunal directed the Corporate Affairs Ministry and IL&FS group to file a fresh progress report by September 3 ahead of the next hearing on September 5.

A two-member bench headed by Chairman Justice S J Mukhopadhaya said that around 300 days have been passed and there is hardly any progress in the resolution process of IL&FS group companies.

“They will keep it in mind that already 300 days approximately have completed since the Interim Order was passed on 15th October 2018,” the bench said.

“The Union of India/ILFS are directed to file a fresh Progress Report by September 3, 2019,” said the appellate tribunal.