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The IL&FS Crisis: How a AAA Rated Lender Defaulted and Triggered India’s Shadow Banking Meltdown

A case study of the IL&FS crisis. Covers the company's founding in 1987, its three decades as a systemically important infrastructure lender, the September 2018 chain of defaults on Rs 99,355 crore of debt, the government takeover and Uday Kotak led board, the green amber red resolution framework, the SFIO investigation, and the seven year resolution process that had recovered Rs 48,463 crore by September 2025.














