Monday, March 17, 2025 | 06:19 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

IL&FS to withdraw plea by previous board seeking restructuring option

The previous board had moved the NCLT seeking the tribunal's direction to insulate itself fron Insolvency and Bankruptcy Code proceedings

IL&FS
Premium

IL&FS

Advait Rao Palepu Mumbai
An earlier plea moved by the beleaguered Infrastructure Leasing and Financial Services (IL&FS) for restructuring under the Companies Act will be withdrawn in the coming days.

On Wednesday, the National Company Law Tribunal (NCLT) in Mumbai granted permission to IL&FS to withdraw its petition moved under Section 230 of the Companies Act on September 25. 

Section 230 of the Companies Act is a mechanism that companies can use to restructure their balance sheets through direct talks with their creditors.

The NCLT directed IL&FS' legal representative, Cyril Amarchand Mangaldas, to file a fresh petition for withdrawal of the original petition. 

After the

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in