IL&FS crisis: IndusInd Bank moves NCLAT to recover unpaid interest

IndusInd Bank has moved the National Company Law Appellate Tribunal (NCLAT) to relax the conditions related to lien on IL&FS and its subsidiaries’ assets. Lien is the right to keep somebody’s property until a debt is paid.

The lender has asked the NCLAT to allow it to appropriate the amount already lying with the bank towards interest due as of October 31 and after. The bank has an exposure of Rs 24 billion to IL&FS.

The NCLAT has adjourned the matter till November 13. The court said it would hear other lenders of IL&FS as well. 

The tribunal asked IL&FS