IL&FS resolution: NCLT deadline over but new board is just about warming up

After SFIO took over, many startling facts about IL&FS has come to light

On July 1, the Infrastructure Leasing and Financial Services (IL&FS) completed 270 days, the resolution timeline set under the Insolvency and Bankruptcy Code, since the Ministry of Corporate Affairs (MCA) took it to the National Company Law Tribunal (NCLT). In these nine months, the new board and investigating agencies such as the Serious Fraud Investigation Organisation (SFIO) have brought to light many startling facts about the group. 
 
India’s biggest financial sector crisis started with a small default by a subsidiary, IL&FS Transportation Networks (ITNL), in June 2018. There were a few murmurs then, but most investors and rating agencies