Infrastructure Leasing & Financial Services (IL&FS), which developed India's longest tunnel in Jammu & Kashmir, defaulted on 3 non-convertible debentures that were due Friday. IL&FS group, which has a debt of over ₹90,000 crore, was also unable to meet its obligation on a letter of credit payment to IDBI. The company recently defaulted on commercial paper obligations and inter-corporate deposits.