IL&FS had defaulted on payments in 2018. The financial crisis at the non-bank finance group came to light in July that year, when its roads subsidiary ITNL reported difficulties in making repayments due on bonds. The government then replaced the company's board with members nominated by it. The companies are facing probes over alleged financial irregularities by their past management and executives.source https://economictimes.indiatimes.com/industry/banking/finance/recast-of-itnl-accounts-delayed-ilfs-to-nclat/articleshow/96233991.cms
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