IL&FS approaches NCLAT seeking release of Rs 145 cr 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

|Sep 26, 2019, 12:37:00 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. [caption id="attachment_5251861" align="alignleft" width="380"]

Representational image. Reuters.[/caption]NCLAT has directed to list the matter for next hearing on 15 October. 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 a 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.

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