The central government has superseded the board of Infrastructure Leasing & Financial Services Ltd (IL&FS) at a time the Narendra Modi regime has been under fire for doing nothing to quell the fears of a credit risk contagion.

Uday Kotak, vice-chairman and managing director of Kotak Mahindra Bank, will head a new six-member board that will manage the affairs of the troubled non-banking financial company that shovels loans to a sprawl of infrastructure projects ranging from highways, tunnels, energy, urban infrastructure and ports through 169 group companies.

We take a look at what ails the company and how the decline was triggered.