Uday Kotak is the non-executive director on the board of IL-FS.New Delhi: Global markets have turned shaky ever since China's Evergrande Group crisis triggered.

The real estate group is one of China's biggest developers and has total liabilities or debt of more than $300 billion.

And according to veteran banker Uday Kotak, the crisis at the group is like "China's Lehman moment." The Chief Executive Officer of Kotak Mahindra Bank also stated that the current situation at Evergrande reminded of the Infrastructure Leasing - Financial Services Limited (IL-FS) crisis."Evergrande Seemslike China's Lehman moment.

Reminds us of IL-FS.

Indian Government acted swiftly.

Provided calm to financial markets.

The Government appointed board estimates 61% recovery at IL-FS.

Evergrande bonds in China trading ~ 25 cents to a $," he tweeted.What Wrong At EvergrandeThe People's Bank of China, its central bank, and the nation's banking watchdog had summoned Evergrande's executives in August and warned that it needed to reduce its debt risks and prioritise stability.Regulators have warned that its $305 billion of liabilities could spark broader risks to China's financial system if its debts are not stabilized.Evergrande is due to pay $83.5 million in interest relating to its March 2022 bond September 23.

It has another $47.5 million payment due on September 29 for March 2024 notes.If Evergrande fails to settle the interest within 30 days of the scheduled payment dates, both bonds would default.

However, analysts remain divided on whether the crisis will have a domino effect or not.IL-FS crisisIL-FS was floated by government-controlled entities, including the Central Bank of India, Unit Trust of India and the Housing Development Finance Corp in the 1980s.

Mr Kotak was appointed by the Centre as the head of the IL-FS board which will help it come out of difficulties.

He is the non-executive director on the board of IL-FS.

The government superseded the old board.After that, it was discovered that there was a complex web of over 250 companies which were part of the group, with an outstanding of over Rs 94,000 crore to lenders.Lehman CrisisStock market crashed and millions lost their jobs when Lehman Brothers ran into bankruptcy in 2008, forcing US authorities to shut it down.

Lehman Brothers, a global financial services firm, was one of the leading companies on Wall Street.

The shut down was majorly due to sub-prime mortgage crisis at the firm.