The National Company Law Appellate Tribunal (NCLAT) has allowed the banks to declare the accounts of IL&FS and its group companies as non-performing assets(NPA) if they have defaulted on payments.NPA is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.
However,the appellate tribunal has said that the banks could declare the IL&FS accounts as NPAs but can not initiate recovery process and debit money.The NCLAT has also said that the lender cannot withdraw support until a resolution is found of the IL&FS and its group companies.
The order came on a plea moved by the Reserve Bank of India (RBI), which had said that banks had an obligation to mark bad loans as NPA in the cases of non-payment after the default of 90 days.
Earlier,NCLAT had restrained banks from declaring accounts of Infrastructure Leasing and Financial Services(IL&FS) and its group companies as non-performing assets(NPA).
IL&FS is an infrastructure finance company registered with the Reserve Bank of India as a ‘Systemically Important Non-Deposit Accepting Core Investment Company’.IL&FS has run out of money and,therefore,has been unable to service its repayment obligations which led to a series of defaults on loans,debentures and commercial papers.
National Company Law Appellate Tribunal (NCLAT) was constituted under the Companies Act, 2013 for hearing appeals against the orders of (a) National Company Law Tribunal(s) (NCLT) (b)Insolvency and Bankruptcy Board of India and (c)Competition Commission of India (CCI).
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