ILFS: 170 Lawyers, 9 Senior Advocates and 5 Top Law firms appear; NCLAT approves Centre's framework
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ILFS: 170 Lawyers, 9 Senior Advocates and 5 Top Law firms appear; NCLAT approves Centre's framework

Cyril Amarchand Mangaldas, EC Agarwala, Luthra & Luthra, Khaitan & Co, JSA are some of the prominent law firms representing 76 Entities against IL & FS.

Aditi Singh

The National Company Law Appellate Tribunal (NCLAT) has approved Central Government’s resolution framework for debt-ridden ‘Infrastructure Leasing and Financial Services Limited (IL&FS). (Union of India vs Infrastructure Leasing & Financial Services Ltd. & Ors)

While accepting Centre’s framework which provides for a pro-rata distribution of assets, the Appellate Tribunal has opined that it was not inclined to follow the procedure of Insolvency & Bankruptcy Code in the case, including Section 53, due to public interest involved in the case.

The resolution plan according to the framework as suggested by the Central Government shall be implemented within 90 days, NCLAT has ordered.

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