The National Company Law Appellate Tribunal Tuesday ordered lifting of lien on IL&FS Transportation Networks Limited’s (ITNL) terming Maharashtra tax department‘s attachment of the account and creating a lien as contrary to its previous decision.
The NCLAT in its October 2018 order had said that authorities cannot initiate recovery proceedings against IL&FS or its entities. The October 2018 order prevents “the institution or continuation of suits or any other proceedings by any party or person or Bank or Company, etc. against ‘IL&FS’ and its 348 group companies in any Court of Law/Tribunal/Arbitration Panel or Arbitration Authority.”
ITNL’s bank account has approximately Rs 12 crore balance and Punjab & National Bank had filed an application before NCLAT, seeking interim distribution of the funds towards its debt. The IL&FS board can now consider the distribution of funds from the PNB account towards PNB’s debt after this order.
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