Took control of IL&FS to avert 'catastrophic' damage, says government

In a 36-page petition filed by corporate affairs ministry at the company law tribunal, the government does not pull its punches, referring to IL&FS as a “titanic ship” and accusing its board of mismanagement. IL&FS, a construction and infrastructure firm had defaulted on a series of repayments to creditors as it struggled under a debt pile of more than Rs 91,000 crore.

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