NCLAT issues notice to Gujarat discom over IL&FS plea
(Syndicated story. Not edited by The Quint.)
New Delhi, Sep 26 (IANS) The National Company Law Appellate Tribunal (NCLAT) on Thursday issued a notice to the Gujarat Urja Vikas Nigam after the cash-strapped IL&FS approached the appellate tribunal seeking the release of around Rs 145 crore held by the power distribution company.
IL&FS had earlier approached the Gujarat Energy Regulatory Commission on the matter but was not given any relief.
IL&FS told the NCLAT bench that the Gujarat distribution company (discom) has withheld payment to five IL&FS wind energy companies.
The two-member bench headed by NCLAT Chairman S.J. Mukhopadhaya listed the matter for next hearing on October 15.
The crisis-hit IL&FS is going through a resolution process as per the Insolvency and Bankruptcy Code (IBC) under the supervision of retired Justice D.K. Jain.
The IL&FS Group has a total debt of above Rs 90,000 crore.
(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)