The new management board, headed by Kotak Mahindra Chairman Uday Kotak, has said they will need at least six to nine months to implement the complete resolution plan.

On October 12, the seven-member board, headed by veteran banker Uday Kotak, had appointed nominee directors for eight of IL&FS' subsidiaries.

IL&FS says investment banking firms Arpwood Capital and JM Financial have been appointed as the financial and transaction advisors to guide the new board on solutions for resolution for the crisis-burdened IL&FS.

Given how much money went down in the IL&FS fubar, public outrage against everyone connected with the company was to be expected. That said, the sheer volume of venom that targeted Independent Directors seemed unfair.

Hari Sankaran, the former vice-chairman and managing director of debt-laden IL&FS, has blamed Life Insurance Corporation of India (LIC) and the 'capital intensive' nature of infrastructure business for the problems faced by IL&FS group.

Finance Minister Arun Jaitley Tuesday said India needs a strong and decisive leadership at the Centre to continue its high growth path and take swift decisions.

Big names like Kotak Bank, ICICI Bank and others extended a credit line to IL&FS through non convertible debentures at attractive interest rates.

The ministry of corporate affairs Monday welcomed the NCLAT stay on all the proceedings against debt-laden IL&FS and other group companies and said the priority is to pay salaries and complete ongoing projects, rather than repaying large debt.