IL&FS approaches NCLT against bankruptcy case, draws revival plan

Here's what you must know about the IL&FS crisis

Infrastructure Leasing & Financial Services Ltd (IL&FS) and its subsidiaries defaulted on repayment to lenders this month and the group is facing a severe liquidity crunch. The company, which helped fund India’s longest tunnel, defaulted on three non-convertible notes, and had a consolidated balance sheet size of Rs 1,158 billion at the end of 2017-18. The mounting troubles at IL&FS have shaken confidence in the sector and rocked India’s stock markets on Friday. Investors, jittery about the rare default in the nation’s money markets, sold shares of financial companies. The group has seen its various long-term and short-term borrowing programmes