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.
NCLAT has directed to list the matter for next hearing on October 15. 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.
Latest Business News
