The parliamentary standing committee on finance has asked the government to set up a high-level inquiry commission to identify the reasons behind the Infrastructure Leasing & Financial Services Ltd (IL&FS) default crisis.

According to data accessed by The Indian Express, several high net worth individuals (HNIs); private family trusts; employees provident fund trusts of public and private firms too have subscribed to the non-convertible debentures (NCDs) and preference shares of Infrastructure Leasing and Financial Service (IL&FS) Ltd between 2014-2018 and are now keenly awaiting a resolution of the crisis at IL&FS Group.

The National Company Law Appellate Tribunal has passed an order permitting 22 group companies of debt-laden Infrastructure Leasing and Financial Services (IL&FS) that were able to meet all payment obligations to service their debt obligations as per schedule. The NCLAT also lifted the moratorium on 133 IL&FS group companies incorporated outside the jurisdiction of India. If these companies fail to pay the obligations, lenders can take them to court and recover their dues.

The Income Tax department has issued a showcause notice to IL&FS Rail to seeking details on incriminating documents found on the premises and details about Enso Infrastructure Private Limited, which holds a 15% stake in the IL&FS unit.

Former RBI governor Y V Reddy has said that the central bank should be worried about top institutions financing sectors of the economy without knowing what they are doing. Referring to the country’s top financial entities like the State Bank of India and Life Insurance Corporation holding stakes in the now troubled IL&FS, Reddy said that liquidity is not a concern but it is just a cause.

A parliamentary panel wants the finance ministry to spell out steps to make India’s credit rating agencies more accountable and transparent in the backdrop of the crisis at the highly rated finance firm Infrastructure Leasing & Financial Services (IL&FS).

The National Company Law Appellate Tribunal has asked the government and IL&FS to provide a list of group companies that have the ability to meet payment obligations in the next 12 months. In what would lead to immediate repayment of Rs 7,000 crore, the new board of IL&FS proposed final resolution plan to split the group companies into three categories based on 12 months’ solvency and cash flow.

IL&FS has put its Tamil Nadu power assets on the block. A power plant in Tamil Nadu, a port and a coal mine in Indonesia — together estimated at around Rs 10,000 crore, are on sale.

Six debt mutual fund schemes from three MF houses have been placed under a ratings watch with negative implications by ICRA for their exposure to debentures issued by special purpose vehicles (SPVs) of troubled infrastructure financing company IL&FS.

Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services is close to hiring Grant Thornton to investigate alleged irregularities in its operations.