INSUBCONTINENT EXCLUSIVE:
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed bankers to declare the loans of debt-ridden Infrastructure Leasing
and Financial Services (ILFS) as non-performing assets (NPAs), news agency ANI reported
However, the banks cannot start their recovery proceedings, the NCLAT said.The next hearing on the matter is scheduled for May 21, according
to the agency.Banks have an exposure of around Rs 55,000 crore to ILFS.The government replaced ILFS' entire board last month after recent
defaults on some of its debt obligations triggered sharp declines in stock and debt markets, leading to fears about contagion in the
financial sector.ILFS has initiated the sale of several assets, including road and education, to pay off its debt.(With agency inputs)Get
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