IL&FS ex-dir seek clarification on asset freeze from NCLT

The former directors of the crippled IL&FS Group Wednesday approached the National Company Law Tribunal (NCLT) seeking clarification on bench's earlier order restraining them from disposing of or creating any third-party rights on their properties till January 16.

Former directors of IL&FS, except S Rengarajan, the past managing director and chief executive of IL&FS Securities Services, Wednesday sought clarification from the two-member bench of judges VP Singh and Ravikumar Duraisamy on NCLT's earlier order of December 3, 2018.

The order had restrained the former directors from mortgaging, or third-party interests or in any way alienating movable or immovable or jointly held properties.

They were also restrained from dealing in securities in any companies till January 16.

Rengarajan had moved the National Company Law Appellate Tribunal (NCLAT) against the December 3, 2018 order.

NCLAT allowed him to withdraw Rs 2 lakh per month from any one of the bank ...