IL&FS seeks to save group companies from wilful defaulter tag

The new IL&FS board has urgently appealed to NCLAT to halt 11 state-owned lenders from labeling its group firms as wilful defaulters. In its petition, IL&FS said it is aggrieved by the blatant violation and disregard of previous NCLAT orders by banks. IL&FS also charged banks of taking procedural action under the garb of RBI...