The investigations into the incidence of liquidity crisis in Infrastructure Leasing & Financial Services Ltd (IL& FS) and its group companies including IL&FS Transportation Networks (ITNL), first observed in September 2018 when it defaulted on a commercial paper, are now being concluded. In the process, more and more rot has been unearthed as audit firms and credit rating agencies too have been found veiling the crisis in the lending major. The government has also taken steps to resolve the issues with the lenders of IL&FS group.
