New Delhi, February 25: The National Company Law Appellate Tribunal (NCLAT) on Monday said the cash-strapped Infrastructure Leasing and Financial Services (IL&FS) and its group companies will not be declared as non-performing assets (NPA) without approval from the appellate tribunal.

A two-member bench headed by NCLAT Chairman Justice (Retd.) S.J. Mukhopadhyay was hearing an application moved by some of its lenders. IndusInd Bank Terminates Contract to Acquire IL&FS Securities Services.

The order comes after the NCLAT on February 11 said that subsidiaries of IL&FS would be divided into three categories -- Green (companies that can meet all debt obligations), Amber (firms that can meet some debt obligations) and Red (companies that can't meet any debt obligations).

(The above story first appeared on LatestLY on Feb 25, 2019 08:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).