New Delhi: The infrastructure lending giant had accumulated a whopping $12.6 billion debt burden after a string of defaults, prompting the Centre to move quickly, amid a rapid fall in the sector’s stock prices, to take control of Infrastructure Leasing & Financial Services Ltd. (IL&FS). Parliament’s standing committee on finance will review the IL&FS case that triggered widespread panic in the Indian stock markets after it defaulted on payments.

The country’s biggest public sector bank, SBI, also decided to buy Rs 45,000 crore of stressed assets of the faltering company, pumping in the much-needed cash in IL&FS. “We want to assess the crisis and do our own review because IL&FS is one of the key lenders in the infrastructure sector,” panel chairman Veerappa Moily said, clarifying the need for such a review by a House panel.

“We need to find out the reasons for its collapse as it has a far-reaching effect on the economy,” said Moily.

The committee has called SEBI chief Ajay Tyagi and other senior officials of the market regulator on October 23.

“We will also go to Mumbai in November. Meanwhile, we have also decided to call RBI governor Urjit Patel to brief us on this issue in Delhi,” Moily added.

A senior member of the panel that deals with all issues related to the economy added that the panel will also try to fix accountability and suggest ways to prevent such a disaster in future. The finance standing committee had earlier scrutinised important economic and financial bills, alleged scams in IPL and issues related to the GST and demonetisation