IL&FS, on Tuesday, said it has defaulted on Rs 348 crore of debt that was due in three separate repayments on October 19, 20 and 22, taking the total amount in missed repayments till date to Rs 4,272 crore. Prior to this latest default, IL&FS had defaulted on principal and interest on loans from banks, inter-corporate deposits and commercial papers totalling Rs 3,761 crore till September 28 and a further Rs 33.9 crore between September 30 and October 4. (According to exchange filings, it defaulted on another Rs 130 crore between October 5 and October 16). Subsequently, in September, IL&FS Financial Services, the group\u2019s lending arm, was barred from tapping the commercial paper (CP) market till the end of February 2019 as it has failed to repay various maturing CPs. According to data from Prime Database, IL&FS needs to repay Rs 1,806 crore in non-convertible debentures, bonds and CPs between now and March 2019. The next repayment on CPs that is maturing is for an amount of `30 crore to be paid by IL&FS\u2019 roads arm, IL&FS Transportation Networks (ITNL), on November 9. Uday Kotak, non-executive chairman of IL&FS, on October 1 had suggested it would not be possible for the new board to immediately fix the repayments crisis at the company, given its whopping Rs 91,000-crore debt burden and the multiple repayments that are scheduled. On October 22, IL&FS said it has appointed two financial advisers, Arpwood Capital and JM Financial Consultants, to conduct a valuations exercise of its assets. According to sources, once this is done, the board will draw up a list of assets to dispose in order to generate funds. A host of infrastructure funds as well as road developers have expressed interest in looking at the list of assets that will be sold off. FE reported on October 17 that Kotak has roped in TV Raghunath, Kotak Mahindra Bank's former head of corporate and investment banking, to help IL&FS\u2019 new board sort out the tricky situation at the debt-laden infrastructure group. Raghunath is a strategy expert and a specialist in restructuring, valuations, deal structuring and joint ventures. On October 12, the company said it is initiating austerity measures with respect to personnel and operating expenses. The management of IL&FS' group companies have also told FE they are being questioned by the Serious Fraud Investigation Office since the last two weeks.