My question is twofold:
What are the complete and exact rules that govern the epenthetic л in verb conjugations i.e. the л that is inserted either just in the first person singular of certain –и conjugation verbs (such as любить – люблю) or throughout the conjugation of certain -e conjugation verbs (such as трепать – треплю, треплешь, треплет, треплем, треплете, треплют) ?
More importantly, what are the underlying phonological, etymological or historical rationales behind these rules ?
Can someone please review my comments on the first answer and address the pending questions so that I can close this question and award the bounty. Thank you very much,