Parliament panel reccomends setting up enquiry commission into IL&FS crisis

The Standing Committee on Finance, in its report presented in Parliament, said the government has since intervened and re-constituted the company's board and the matter is being heard by NCLT

A Parliamentary panel Wednesday suggested setting up a commission of enquiry into the IL&FS fiasco, including probing the role of the credit rating agencies (CRAs).

Debt crisis in infrastructure lender IL&FS came to light following a series of defaults by its group companies beginning September 2018. IL&FS is sitting on a debt pile of about Rs 91,000 crore.

The Standing Committee on Finance, in its report presented in Parliament, said the government has since intervened and re-constituted the company's board and the matter is being heard by the National Company Law Tribunal (NCLT).

"The Committee would recommend a comprehensive commission of enquiry into