NCLAT asks govt to submit list of firms with their financial categorisation

The National Company Law Appellate Tribunal (NCLAT) has asked the government to provide a list of IL&FS group companies along with their categorisation based on their respective financial positions to pay their debt. The government had Monday submitted the debt resolution plan for crisis-hit IL&FS to the NCLAT and also suggested the name of retired Supreme Court judge Justice D K Jain to supervise the entire process. The entire resolution process would be based on the principles enunciated in the Insolvency and Bankruptcy Code. Under the plan, the government has categorised IL&FS group companies into green, amber and red based on their respective financial positions. "The Union of India will also submit lists of companies who are in the group of 'green', second list of the companies who are in the group of 'amber' and third list of Companies who are in the group of 'red' having registered office in India by the next date," said NCLAT. A two member bench of NCLAT headed by .

from Companies http://bit.ly/2DUWHW7