Govt moves NCLT for management change at IL&FS

New Delhi: The government has moved National Company Law Tribunal (NCLT) for change of management at the crisis-hit IL&FS, according to a senior official.

Debt defaults by certain group entities of diversified IL&FS have triggered fears of liquidity crisis in the financial markets and the RBI has been taking steps to improve the overall cash situation.

The corporate affairs ministry has applied to the tribunal, the official said Monday.

Sources close to IL&FS said it is likely to support the application as it will help resolve all the pending issues and reach at a comprehensive solution for the benefit of all stakeholders.

The key shareholders of IL&FS include LIC, SBI and Central Bank of India.

IL&FS, where LIC is the largest shareholder with 25.34 percent stake, has a debt burden of over Rs 90,000 crore.