What happened to IL&FS

The IL&FS, an infrastructure development and finance company, gained most of its popularity for the Chenani-Nashri tunnel on Jammu-Srinagar National Highway.

The company operated through more than 250 subsidiaries including IL&FS Investment managers, IL&FS financial services and IL&FS Transportation networks India Limited (ITNL). The group had a debt burden of over Rs. 90,000 crore as of October 2018. Panic among investors set in after the company defaulted on short-term debt repayment in September 2018, followed by more defaults that eventually led to a ratings downgrade. The government took control of IL&FS after getting an approval from the Insolvency & Bankruptcy Court in Mumbai. The NCLT had appointed a six-member panel to take over the management at IL&FS with immediate effect. The panel was headed by managing director of Kotak Mahindra Bank - Uday Kotak.