The IL&FS fallout continues to be felt. In the latest, CRISIL has downgraded the Jharkhand Road Project Special Purpose Vehicle (SPV) on default fears and claims that the IL&FS management has reversed their earlier stance of maintaining an integrity of ring-fenced structures. Sandeep Parekh, founder of Finsec Law Advisors, TN Arun Kumar, ED of CARE Ratings and Lakshmi Iyer, CIO-debt at Kotak Mahindra AMC shared their views and outlook on what would the impact be, what is the total quantum of bonds, what is the exposure that banks have.