- Governance, Risk & Compliance
- 1 min read
NCLAT lifts lien on IL&FS Transportation
NCLAT orders lifting of lien on ITNL's account, deeming Maharashtra tax department's attachment contrary to previous decision. PNB seeks interim distribution of Rs 12 crore from ITNL's account towards debt, allowing IL&FS board to consider fund distribution.
The National Company Law Appellate Tribunal Tuesday ordered lifting of lien on IL&FS Transportation Networks Limited's (ITNL) terming Maharashtra tax department's attachment of the account and creating a lien as contrary to its previous decision.
The NCLAT in its October 2018 order had said that authorities cannot initiate recovery proceedings against IL&FS or its entities. The October 2018 order prevents "the institution or continuation of suits or any other proceedings by any party or person or Bank or Company, etc. against 'IL&FS' and its 348 group companies in any Court of Law/Tribunal/Arbitration Panel or Arbitration Authority."
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