Mumbai: India’s ailing Infrastructure Leasing & Financial Services Ltd (IL&FS) said on Monday the country’s appellate company law tribunal has passed an interim order granting a moratorium on all creditor actions against the company and its group firms.

The moratorium, effective immediately, prohibits initiation or continuation of any legal proceedings and enforcement of security over assets of IL&FS and group companies, IL&FS said in a statement.

India replaced the entire IL&FS board earlier this month after defaults on some of its debt triggered sharp falls in stock and debt markets, sparking fears about contagion in the country’s financial sector.

(This story has been published from a wire agency feed without modifications to the text.)