IL&FS at NCLAT for release of Rs 140 crore held by Gujarat discom

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Published: September 27, 2019 1:51:09 AM

Debt-laden IL&FS on Thursday moved the National Company Law Appellate Tribunal (NCLAT) seeking direction to Gujarat Urja Vikas Nigam (GUVNL) to release its assets and dues.

The NCLAT would consider such claims and may pass an appropriate order.The NCLAT would consider such claims and may pass an appropriate order.

Debt-laden IL&FS on Thursday moved the National Company Law Appellate Tribunal (NCLAT) seeking direction to Gujarat Urja Vikas Nigam (GUVNL) to release its assets and dues.

IL&FS alleged that in violation of the NCLAT’s October 15, 2018 order that stayed any proceedings against IL&FS and its subsidiaries among others, GUVNL has withheld its certain properties and also of one of its subsidiaries, Kaze Energy.

While allowing IL&FS’ interlocutory application to implead GUVNL, the NCLAT said it was expected of GUVNL to release all the assets of IL&FS and release the amount due to IL&FS before the next date of hearing scheduled for October 23. Sources said the amount due is around Rs 140 crore.

Senior advocate Ramji Srinivasan, appearing on behalf of Union of India and IL&FS, said GUVNL has withheld assets of Lalpur Wind Energy, Ratedi Wind Power, Tadas Wind Energy and Khandke Wind Energy.

“Let notice be issued on the newly impleaded GUVNL as to why the appropriate order be not passed for alleged violation of the order passed by this appellate tribunal on October 15, 2018 and one or other managing directors or directors be held responsible for the same,” the two-member NCLAT Bench said in the order.

However, the Bench has also allowed GUVNL to bring to its notice any counter claim that the Gujarat state-run firm might have. The NCLAT would consider such claims and may pass an appropriate order.

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