To protect the investments of pension funds and provident funds, the National Company Law Appellate Tribunal has sought the details of the investment of such funds in “amber” companies of the debt-laden Infrastructure Leasing and Financial Services (IL&FS).
The IL&FS group has a total group debt of Rs 94,216 crore. The tribunal may be keen to release at least those payments that are due to these funds.
The Two-member bench led by justice SJ Mukhopadhaya on Monday said, “How many companies are there who have provident funds and pension funds. You release them. We want that that should be released first.”
Counsel for IL&FS said that if payments were made to individual creditors of amber companies, it would have a negative impact on the resolution of other group entities. All but 50 of the 169 domestic group companies of IL&FS are currently enjoying a moratorium on all financial claims against them ordered by the NCLAT for an orderly resolution of claims against the group.
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