The National Company Law Appellate Tribunal (NCLAT) will hear the petition by IndusInd Bank seeking payment of interest dues on outstanding loans to keep debt-laden IL&FS group being classified as a non-performing asset (NPA).
The NCLAT has issued a notice and agreed to hear the petition on November 13. The tribunal has also ordered that certain lenders of the IL&FS group and its 348 subsidiaries appear on the same day.
IndusInd Bank has a huge exposure to the extent of about Rs 3,000 crore. The bank also conceded it is one of the top five lenders to IL&FS.
The order also stays all actions against IL&FS (Infrastructure Leasing and Financial Services) and its 348 group companies by any lender from exercising the right to sell off or lien against any amounts lying with any creditor against any dues.
In the meantime, the court has asked IL&FS group to file their replies to the application.
Earlier, the NCLAT had granted a moratorium or protection against any regulatory and legal proceedings against IL&FS and its board, in case of further defaults.
With a total debt of Rs 91,000 crore, IL&FS has been hit by a crisis after it defaulted on its debt obligations in early September.