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the beleaguered Infrastructure Leasing and Financial Services (IL&FS) for restructuring under the Companies Act will be withdrawn in the coming days.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