The National Company Law Appellate Tribunal (NCLAT) has adjourned the hearing of the IL&FS case till September 5.
Justice SJ Mukhopadhyay said there has been no progress despite the process going on for over 300 days. “In spite of our order dated July 12, 2019, no progress report has been filed by IL&FS,” he said. The NCLAT has also asked IL&FS to file a progress report by August 9.
By the date of next hearing, the government must settle the claims of all the creditors with regard to “amber” and green” companies, the order said. Amber companies are subsidiaries that can partially pay off their loans while green ones are those that can meet all their payment obligations.