Banks debited Rs 758 crore from IL&FS accounts despite NCLAT order

MCA names SBI, HDFC Bank, PNB, ICICI Bank among others, says they violated appellate tribunal moratorium

The Ministry of Corporate Affairs (MCA) has told the National Company Law Tribunal (NCLT) in an affidavit that banks and financial institutions deducted more than Rs 758 crore for servicing their debt from the accounts of Infrastructure Leasing & Financial Services (IL&FS) and its group companies between October 2018 and June 2019, despite orders from the National Company Law Appellate Tribunal (NCLAT) against the same.

“These include amounts debited (without authorisation or instruction) towards repayment or redemption of term loans availed or debentures issued by the relevant IL&FS group entities (including towards interest payments) and by lenders to the current