INSUBCONTINENT EXCLUSIVE:
renewal or extension of some bank guarantees which have lapsed.The appellate tribunal adjourned the case till April 29, 2019.According to
Section 5(20) of the Insolvency and Bankruptcy Code (IBC), an operational creditor is "any person to whom an operational debt is owed and
includes any person to whom such debt has been legally assigned or transferred"
They may include credit for goods and services.In its previous hearing on April 16, the bench headed by Chairperson, Justice SJ Mukhopadhyay
said that ILFS should distribute funds to small creditors, in a manner that 80 per cent of their entitled amounts are paid.On Wednesday, the
Reserve Bank of India (RBI) directed the banks and financial institutions to disclose their outstanding to ILFS and its group companies
including provisioning required as per income recognition and asset classification (IRAC) and actual provisioning made against NPAs.The
circular gains significance as NCLAT's February order had said that "no financial institution will declare the accounts of 'Infrastructure
since then contested the view and said that banks should classify the accounts of ILFS and its companies as NPAs.Get the latest election
news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
