Recently Non-Banking Financial Companies (NBFCs) has seen lots of Ups and down.  IL&FS liquidity crisis has raised a lot of question over business model of NBFCs. The Ripple effect of this crisis leads to benchmark indices getting crashed and creating bearishness all over the market. However even in this crisis few NBFCs didn’t let themselves lose their grip on market. This study aims to present that how companies like Bajaj Finance, HDF and LIC etc. fared well despite free falling of other NBFCs and What was the key difference between good performer and bad performers under NBFC crisis. However this crisis was inevitable as the Asset Liabilities Mismanagement (ALM) and short term borrowing, long term lending habit made the work easy. There are certain issues that need to be addressed & in this paper efforts have been made to reflect the lights on these issues.

Keywords: NBFCs, IL & FS, Asset Liabilities Mismanagement (ALM), Crisis, Shadow Banking, NPA.