Government Takes Over Debt-Ridden IL&FS, Uday Kotak On New Board

Crisis-hit IL&FS will be taken over by the government as debt defaults by the infrastructure group have led to fears of contagion in the markets and a liquidity crisis. The National Company Law Tribunal (NCLT) on Monday ordered the IL&FS (Infrastructure Leasing and Financial Services) board suspended and allowed a government team to take control of the debt-ridden company. The new board, which includes banker Uday Kotak, will meet before October 8 and submit a roadmap before the next hearing of the tribunal on October 31.

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