MEDIA Releases

The DND Flyway order by the Supreme Court has come as a blow to shareholders led by IL&FS, who were hoping to garner as much as Rs 2000 crore from the sale of the company, banking on its toll revenue and development rights sought by Noida Toll Bridge Company. While lenders too stand to be hit as their exposure is now said to be in the range of Rs 50-60 crore now.

New Delhi: Supreme Court on Friday ruled that DND Flyway would remain toll-free. It pulled up UP and Delhi govts as well as Noida Authority for illegally awarding the project to Noida Toll Bridge Company Ltd (NTBCL) and rapped the company for levying excessive userfee in “collusion” with bureaucrats, resulting in people being defrauded.

Writing a 53-page judgment that rejected every argument of NTBCL advanced through senior advocate A M Singhvi, including the demand for recovery of an additional Rs 30 crore, Justice Surya Kant said the money recovered by NTBCL was much higher than the project cost, resulting in "unjust enrichment of NTBCL at the cost of public suffering".

NEW DELHI: The Supreme Court on Friday upheld a decision barring the collection of toll charges on the Delhi-Noida Direct (DND) flyway, and reprimanded the Noida authority for enabling a toll company to “defraud” and “exploit” commuters indefinitely through an arbitrarily drafted agreement.

THE SUPREME Court on Friday upheld the Allahabad High Court order ending toll collection by Noida Toll Bridge Company Limited (NTBCL) on the DND (Delhi-Noida Direct) flyway connecting Delhi to Noida.

Indu Bhan New Delhi: The Supreme Court (SC) on Friday upheld a 2016 decision by the Allahabad High Court that halted the collection of toll charges on the Delhi-Noida Direct (DND) flyway, a vital route connecting Delhi and Noida in Uttar Pradesh.

IN A RELIEF to lakhs of commuters plying between Delhi and Noida, the Supreme Court on Friday upheld that the DND flyway will remain toll-free and castigated the NOIDA authority and the Uttar Pradesh and Delhi governments saying the blatant misuse of power and breach of public trust have profoundly shocked its conscience.

In sequence of our letter dated August 14, 2024 in the matter of Noida Toll Bridge Company Limited Vs. Federation of Noida Residents' Welfare Association & Ors. SLP(C) No. 33403 of 2016 this is to inform you that the judgment on the above-mentioned matter was pronounced today by the Hon'ble Supreme Court wherein the Hon'ble Supreme Court find no merit in the SLP filed by the Company and the same is dismissed

Noida Toll Bridge Company Limited Vs. Federation of Noida Residents’ Welfare Association & Ors. SLP(C) No. 33403 of 2016 – Update on Litigation : In sequence of our letter dated August 14, 2024 in the matter of Noida Toll Bridge Company Limited Vs. Federation of Noida Residents’ Welfare Association & Ors. SLP(C) No. 33403 of 2016 this is to inform you that the judgement on the above-mentioned matter was pronounced today by the Hon’ble Supreme Court wherein the Hon’ble Supreme Court find no merit in the SLP filed by the Company and the same is dismissed.

After six years of playing an invaluable role in providing leadership and stability, while resolving one of corporate India’s biggest financial crisis, the term of Mr. C S Rajan, Chairman, IL&FS, has come to an end on September 30, 2024, Mr. Rajan will be succeeded by Mr. Nand Kishore, currently MD of IL&FS, as the new Chairman and Managing Director of IL&FS from October 1, 2024 – as approved by MCA, Government of India, and taken on record by the new IL&FS Board. “I am immensely grateful to the MCA, Government of India, for reposing trust in the Board, in guiding the Intricate resolution process and in extending support whenever and whatever necessary”, said Mr. C S Rajan, Chairman, IL&FS.

IL&FS Group has discharged an aggregate debt of approx. Rs 35,650 crore by way of monetization of assets, auto debits by banks and debt repayment (including interim distribution) across entities as of September 30, 2023. The Group has also completed an aggregate payment of approx. Rs 10,000 crore by way of interim distribution across 14 companies - including 2 vertical holding companies (ITNL and IFIN) and the Group holding company (IL&FS Limited).

IL&FS Group has completed an Interim Distribution pay-out of Rs 920 crore in Chenani Nashri Tunnelway Limited (CNTL), a subsidiary of IL&FS Transportation Network Limited (ITNL), an IL&FS Group company. As part of this Interim Distribution, IL&FS Group has paid a total of Rs 920 crore to eligible senior secured creditors of CNTL. The interim distribution has been made ahead of the proposed debt restructuring of CNTL and will be followed by the contemplated transfer of the company to the InvIT - subject to the outcome of pending legal proceedings and requisite approvals.

IL&FS Group has initiated its largest Interim Distribution pay-out till date - in IL&FS Financial Services Limited (IFIN), an IL&FS Group company. As part of the interim distribution, IL&FS Group will be paying a total of Rs 3,200 crore to IFIN eligible creditors, that is being distributed in accordance with the NCLAT approved Revised Distribution Framework. Of the total of Rs 3,200 crore – approx. Rs 2,250 crore is being paid to a combination of 28 PSU, Private and Foreign banks and approx. Rs 950 crore to over 500 public debenture holders, public funds (including EPFO, Army Group Insurance etc) and others. This is the first interim distribution that will be completed for a vertical holding company under the IL&FS Group.

IL&FS has completed Interim Distribution pay-out for Rapid MetroRail Gurgaon South Limited (RMGSL), an IL&FS Group company. The Group has paid a total of Rs 1,273 crore, of which Rs 1,252 crore has been paid to the secured financial creditors, for RMGSL. The total claims of secured financial creditors –including Canara Bank, Union Bank, Central Bank, Punjab & Sind Bank and India International Finance Company Limited (UK) – in RMGSL was Rs 1,546 crore..

IL&FS has commenced Interim Distribution pay-out with Rapid Metro Gurgaon Rail Ltd (RMGL), an IL&FS Group company. The Group has completed distribution of Rs 623.38 Crores, on an interim basis, to the secured lenders/secured financial creditors of RMGL comprising Union Bank of India, Bank of India, Indian Bank, Punjab & Sind Bank, UCO Bank, Bank of Baroda, Punjab National Bank and Indian Overseas Bank. The total claims of these lenders was Rs 715 Crores. This distribution on an interim basis, thus, translates in a recovery of around 83 per cent to these creditors.

IL&FS Group has completed two sale transactions under its Energy business portfolio – Urjankur Shree Tatyasaheb Kore Warana Power Company Limited (Urjankur Warana) and IL&FS Energy Development Company Limited (IEDCL) Energy Advisory Business division– at an aggregate consideration of Rs 77.5 crore. With this transaction, IL&FS group has sold its 33.33 per cent stake in Urjankur Warana and its 27.75 per cent stake in Urjankur Nidhi Trust to HSF at an aggregate consideration of Rs 62.5 crore. IL&FS has now exited both these entities completely. In the second transaction, IL&FS Group has also concluded the sale of its Energy Advisory business, a division of IEDCL, to PTC India Limited using the Swiss Challenge method. PTC emerged as the highest bidder in the process and the sale was completed on July 26, 2022, at a consideration of approx. Rs 15 crore duly received by IL&FS. This sale has been approved by NCLT.

Rs 21,000 crore of debt discharged by way of monetisation of assets and debt repayment – largely to public sector lenders. Group has nearly Rs 20,000 crore of cash and InvIT unit balance - this includes Rs 16,000 crore to be distributed to creditors by way of interim distribution post judicial approval. Resolution of Rs 14,000 crore filed with courts - of which Rs 7,500 crore has been approved and transaction closure is underway. Mr Uday Kotak’s term as Chairman, IL&FS, ends on April 2, 2022. Mr CS Rajan, Managing Director, IL&FS has been appointed Chairman and Managing Director of IL&FS for a period of six months wef April 3, 2022 by the Ministry of Corporate Affairs, Government of India.

IL&FS Group has completed sale of its 35 per cent stake in Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL) to its majority joint venture partner Vishvaraj Infrastructure Limited (VIL). The sale entails VIL taking over entire external debt of WCBTRL amounting to 306 crore, providing equity value of over Rs 12 crore and settling IL&FS Group dues amounting to Rs 6 crore – thereby resolving Rs 324 crore from the overall IL&FS Group debt of approx. Rs 99,000 crore, as of October 2018. The Group had already received requisite approvals from the ITNL CoC, Supreme Court Justice (retd) D K Jain and Hon’ble NCLT to complete the transaction.

The IL&FS Group has completed sale of its 26 per cent stake in ONGC Tripura Power Company (OTPC) to Gas Authority of India Limited (GAIL) at an aggregate valuation of Rs 1,227 crore. With this transaction, IL&FS has resolved a debt of approx. Rs 3,656 crore - that formed part of the overall Group debt of approx. Rs 99,000 crore, as of October 2018. IL&FS Group held its 26 per cent stake in OTPC in two subsidiaries – approx. 12 per cent held by IL&FS Energy Development Company Ltd (IEDCL) and 14 per cent held by IL&FS Financial Services Ltd (IFIN). The Group has duly received an aggregate sum of Rs 319 crore for its 26 per cent stake from GAIL in the two companies thereby closing this stake sale transaction.