The Economic Times

NCLAT revives IL&FS Plea in Rs 1,080 cr circuitous Transactions, sets aside NCLT order

The National Company Law Appellate Tribunal (NCLAT) has revived IL&FS's plea concerning Rs 1,080 crore in alleged circuitous lending transactions. Setting aside a previous NCLT order, the tribunal stated the lower court erred by not examining the merits of claims that these deals, involving IFIN and SREI group entities, were designed to bypass RBI regulations. NCLAT emphasized the broad powers to investigate such allegations.