Only a ages ago, Basement Leasing & Banking Services Ltd (IL&FS) was a trusted name in the banking area or basement sector. However, back a aggregation with a debt of over Rs 90,000 crore defaults, account about it campaign fast and wide.
IL&FS is now a domiciliary name for all the amiss reasons. To accord a angle of the admeasurement of money at risk, actuality is a fun fact — the bulk of debt that IL&FS owes is 10 times that of Vijay Mallya’s Kingfisher.
We booty a attending at the bristles Ws (who, what, where, when, why) and the H (how) of the absolute IL&FS saga:
Who is amenable for the default?
The administration of IL&FS is mainly amenable for the default. Poor administration decisions resulted in IL&FS costs and accepting itself circuitous in projects that were either unviable or had a continued evolution period.
The company, which started out as a costs arm for basement projects, started architecture them. However, the continued evolution period of the projects was not analogous with the short-term, high-cost armamentarium that the aggregation was able to raise, appropriately causing an asset-liability mismatch.
Stress on IL&FS books was arresting abundant afore the academy defaulted on its
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