The IL&FS group is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since 27 August. It has over Rs 91,000 crore in debt at the consolidated level.
The NCLAT also directed to implead the top five lenders of IL&FS and asked to submit their replies over the government's plea seeking 90 days moratorium.
After its maiden meeting, chairman of the new board Uday Kotak told reporters that the board will meet the IL&FS shareholders including state-run LIC which has 25.34% stake, Orix Corporation of Japan with over 23.7% stake, HFC, SBI and Central Bank, at an appropriate time
IL&FS crisis: Redemption pressure on mutual funds, capital inadequacy for smaller NBFCs among key concerns
In only the second instance in nearly a decade, the government has superseded the management of IL&FS where state-owned LIC is a major shareholder.
IL&FS crisis: Former independent directors write to new chairman Uday Kotak, extend support in turn around efforts
Five former independent directors, in a letter, have mentioned about IL&FS being unable to raise additional equity despite several attempts and the "asset-liability" mismatch that continued to aggravate
IL&FS crisis: Eight charts present financials, other details of cash-strapped infrastructure conglomerate
The IL&FS has come under the scanner of multiple regulators, including SEBI, for alleged defaults related to financial disclosures and corporate governance.
IL&FS Financial Services, a group company of IL&FS defaulted on one of its commercial paper (CP) issuances due for repayment on Monday
IL&FS scare: Govt steps in to allay investor fears; Arun Jaitley assures all measures to ensure liquidity
Arun Jaitley's remarks come in the wake of stock markets witnessing sudden and stiff fall in intra-day trade on Friday over concerns of liquidity crisis being faced by some of the NBFCs.
Closely monitoring financial markets, ready to take action, say RBI and Sebi after sharp meltdown on Friday
The markets had opened on a strong note. After an intra-day swing of 1,495.60 points, the Sensex closed at 36,841.60, down 279.62 points.