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NCLAT to hear IndusInd Bank's plea on IL&FS payment of interest

Updated : November 06, 2018 16:30:44 IST

IndusInd Bank has moved National Company Law Appellate Tribunal (NCLAT) seeking payment of interest dues on outstanding loans to keep crisis-hit IL&FS being classified as a non-performing asset (NPA).

The NCLAT has issued a notice and agreed to hear the petition but the tribunal said the exposure of Rs 91,000 crore over 10 years suggest that IndusInd has been asleep at the wheel.

IndusInd Bank has a huge exposure to the extent of about Rs 3,000 crore. The bank also conceded that they are one of the top five lenders to IL&FS.

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.
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