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NCLT allows Govt. to takeover IL&FS and suspends entire board of directors

October 4, 2018[2018] 98 taxmann.com 67 (NCLT - Mum.) (SB)
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CL : Where Union of India filed petition alleging that Managerial persons of respondent company i.e. IL&FS were responsible for negligence and incompetence and to unearth irregularity and for investigation, provisions of section 212(1)(c ) were invoked for investigation into affairs of company, it was held that it was judicious to invoke jurisdiction prescribed under section 241(2) and Tribunal was of opinion that as per section 242(1) affairs of respondent IL&FS were being conducted in a manner prejudicial to public interest and, therefore, interim prayer of suspending Board of Directors and reconstitution of new Board of Directors was to be allowed

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