The struggle to keep IL&FS story intact a year after new board took over

The board expects to recover or resolve at least 50% of group's domestic debt; InvIT model likely for entities that have received low or no bids

When the government-appointed board started digging deep into the IL&FS mess, the findings astounded them.

The organisation, in default, and responsible for freezing the credit market for non-banking financial companies (NBFC), had a complex pyramid structure, with virtually no coordination between the heads of different verticals. 

It had 302 entities – 169 domestic and 133 international – present across 11 countries, with a four-layered structure.

Vineet Nayyar, the executive chairman, and former head of Mahindra Satyam (Mahindra acquired Satyam after the latter's promoter was jailed for major fraud) said IL&FS’ former management had no value for money. Heads of various