New Delhi, Appellate tribunal NCLAT has revived the plea of debt-ridden Infrastructure Leasing & Financial Services (IL&FS) seeking examination of six alleged circuitous lending transactions aggregating Rs 1,080 crore.
The appellate tribunal set aside a previous order passed by the Mumbai Bench of the National Company Law Tribunal (NCLT). The tribunal said the NCLT "erred" in its order and misconstrued its earlier directions, failing to examine the merits of allegations that the transactions were designed to circumvent regulatory restrictions.
