Legal UpdatesRBI

RBI directs banks and AIFIs to disclose account details of all ILFS and its group entities in the mentioned format

RBI Update

RBI directs banks and AIFIs to disclose account details of all Infrastructure Leasing & Financial Services Limited (ILFS ) and its group entities in the mentioned format :-

Position as on ———-

(₹ in crore)
Amount outstanding
Of (1), total amount of exposures which are NPAs as per IRAC norms and not classified as NPA.
Provisions required to be made as per IRAC norms.
Provisions actually held
RBI has taken this action as per the order passed by Justice S.J. Mukhopadhaya ( Chairperson) and Justice Bansi Lal Bhat) Member(Judicial) at NCLAT, New Delhi in the matter of  Union of India vs. Infrastructure Leasing and Financial Services Ltd. & Ors. (I.A No. 620 of 2019 in Company Appeal (AT) No. 346 of 2018. NCLAT, New Delhi held that “no financial institution will declare the accounts of ‘Infrastructure Leasing & Financial Services Limited’ or its entities as ‘NPA’ without prior permission of this Appellate Tribunal”.
Hence, banks and AIFIs at are advised to disclose the information about ILFS and ILFS entities.
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