NCLAT stays NCLT order on govt's plea seeking protection for IL&FS board

The order noted that some of the groups' companies are already undergoing the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code

In an quick turn of events, the National Company Law Appellate Tribunal (NCLAT) overturned an order of the National Law Company Tribunal (NCLT) in Mumbai in the Infrastructure Leasing & Financial Services (IL&FS) case. The NCLT late Friday had rejected the Government's plea for a three-month moratorium for the stressed infrastructure financier its newly constituted board of directors. 

On Monday morning, NCLAT stayed the interim-order of the NCLT which had rejected the Ministry of Corporate Affairs's (MCA) request for a moratorium or protection against any regulatory and legal proceedings against IL&FS and its board, in case of further defaults. IL&FS defaulted