NCLAT Allows Retired Judge Appointment for IL&FS Resolution Process The National Company Law Appellate Tribunal addressed the appointment of a retired Supreme Court Judge to supervise the Resolution Process involving the ...
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NCLAT Allows Retired Judge Appointment for IL&FS Resolution Process
The National Company Law Appellate Tribunal addressed the appointment of a retired Supreme Court Judge to supervise the Resolution Process involving the Union of India and Infrastructure Leasing & Financial Services Ltd. Both parties agreed to the appointment, and the Tribunal allowed them to contact Hon'ble Justice (Retd.) D.K. Jain for consent and engagement terms. Lists of companies incorporated in India and other countries were required, categorized into 'Green', 'Amber', and 'Red', with notification on the IL & FS website. Intervention applications by Financial Creditors and Operational Creditors were permitted for filing by a specified date for future consideration, aiming to enhance transparency and fairness in the Resolution Process.
Issues: Appointment of retired Supreme Court Judge for supervision of Resolution Process, List of companies incorporated in India and other countries, Categorization of companies into 'Green', 'Amber', and 'Red', Notification of lists on IL & FS website, Intervention applications by Financial Creditors and Operational Creditors.
In this judgment by the National Company Law Appellate Tribunal, the main issue addressed was the appointment of a retired Supreme Court Judge to supervise the Resolution Process involving the Union of India and Infrastructure Leasing & Financial Services Ltd. Both parties agreed to this appointment, and the Tribunal allowed them to contact Hon'ble Justice (Retd.) D.K. Jain for consent and to discuss the terms of engagement. Additionally, the Union of India and IL & FS were directed to provide a list of companies incorporated within India's territorial jurisdiction, along with a separate list of companies incorporated in other countries to exclude them from the interim order. The Union of India was further directed to submit lists categorizing companies into 'Green', 'Amber', and 'Red' based on their registered office in India, with the possibility of addressing other issues on a later date.
Furthermore, the Union of India was given permission to notify the aforementioned lists on the IL & FS website for information to all concerned parties. The judgment also allowed for intervention applications by 'Financial Creditors' or 'Operational Creditors' to be filed by a specified date, which would be accepted by the office and kept on record for consideration at an appropriate stage. This comprehensive judgment aimed to streamline the Resolution Process and ensure transparency and fairness in dealing with the companies involved.
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