NCLT allows former IL&FS CIO’s wife bank withdrawals of only Rs 2 lakh a month

IL&FS Transportation Networks | The company defaulted on the interest on non-convertible debentures due on August 25, 2020. (Image: Reuters)

The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Roopa Kapoor, wife of former IL&FS group CIO Vibhav Kapoor, monthly bank withdrawals of up to Rs 200,000.

The Ministry of Corporate Affairs had frozen the accounts including bank lockers, credit cards and demat accounts of Roopa Kapoor.

The NCLT order stated, "During the pendency of the appeal, we allow the appellant to withdraw a sum of Rs Two lakh per month from any one of the bank accounts of the appellant after intimating the Tribunal. The Appellant is prohibited from withdrawing any further amount from the said or any other account. This interim order will be applicable from December 2018 until further orders".

Vibhav Kapoor is the secondary and joint holder of Roopa Kapoor’s accounts that have been frozen by the MCA.

The NCLT had also already passed an interim order on December 3, 2018, to freeze her accounts.