TIWN

New Delhi, May 2 (IANS) The NCLAT on Thursday reversed its own interim order to allow lenders with exposure to IL&FS and its group companies to classify them as non-performing assets (NPAs), in line with RBI norms, but restrained them from moving to recover any dues from the beleagured group or group companies till their resolutions are undertaken.
In February, the National Company Law Appellate Tribunal (NCLAT) had passed an interim order restraining the lenders from classifying either IL&FS or its group companies as NPAs. Subsequently, the RBI had moved the NCLAT to reverse the interim order, citing the norms governing the classification of accounts as NPAs and arguing that these norms should not be interfered with.
The SBI has an exposure of Rs 10,000 crore and Allahabad Bank has an exposure of Rs 1,220 crore in the IL&FS group.
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