Press release
2 Nov 2021

IL&FS ADDRESSES RS 52,200 CRORE DEBT, MAINTAINS ITS AGGREGATE RESOLUTION ESTIMATE AT RS 61,000 CRORE

The New Board and Management of IL&FS, as part of its periodic update on the progress of ongoing IL&FS Group resolution shared that, till-date, it has addressed debt of Rs 52,200 crore across the Group. The Group also maintained its earlier estimate of resolving debt of Rs 61,000 crore, representing resolution of 62 per cent of overall - fund based and non-fund based - debt of over Rs 99,000 crore as of October 2018. The debt of Rs 52,200 crore addressed till date represents 86 per cent of the overall estimated resolution value of Rs 61,000 crore and 53 per cent of total debt. The Group estimates to resolve around Rs 57,000 crore debt by March 2022.

In the news
31 Oct 2021

IL&FS gets NCLT approval for launch of InvIT phase one

Debt-laden Non-Banking financer Infrastructure Leasing and Financial Services (IL&FS) on Saturday said it has received approval from NCLT for launching phase I of its Infrastructure Investment Trust (InvIT). In a release, the group said that the approval from the National Company Law Tribunal (NCLT) was received on Saturday. With this, six road projects — Barwa Adda Expressway Ltd, Baleshwar Kharagpur Expressway Ltd, Sikar Bikaner Highway Ltd, East Hyderabad Expressway Ltd, Moradabad Bareilly Expressway Ltd and Jharkhand Road Projects Implementation Company Ltd — will be transferred to the newly-formed Roadstar Infra Investment Trust under its InvIT Phase I.

Press release
30 Oct 2021

IL&FS GETS NCLT APPROVAL FOR ITS PHASE I INVIT, TO ADDRESS RS. 9,214 CRORE DEBT

IL&FS has received approval for launching its Phase I of Infrastructure Investment Trust (InvIT) from National Company Law Tribunal (NCLT) today. With this approval, six road projects – Barwa Adda Expressway Limited, Baleshwar Kharagpur Expressway Limited, Sikar Bikaner Highway Limited, East Hyderabad Expressway Limited, Moradabad Bareilly Expressway Limited and Jharkhand Road Projects Implementation Company Limited – will be transferred to the newly formed Roadstar Infra Investment Trust under its InvIT Phase I - basis approvals from Authority and the lenders.

In the news
29 Oct 2021

UV ARC Pips Arcil to Bag IFIN's Bad Loans

UV Asset Reconstruction Co is set to take over Rs 4,300 crore of loans from the bankrupt Infrastructure Leasing & Financial Services' (IL&FS) non-banking financial company IL&FS Financial Services (IFIN), trumping an initial offer from rival Arcil earlier this month. The resolution is an important step for the Uday Kotak-led board that took over after the spectacular collapse of the infrastructure financier in 2018 to resolve Rs 99,000 crore of stressed debt.

In the news
26 Oct 2021

Brookfield, Godrej Fund Vie for IL&FS HQ

Brookfield Asset Management and Godrej Fund Management, the realty-focused private equity arm of the Godrej Group, are in a close race to acquire the headquarters of IL&FS, an iconic property in Mumbai's financial nerve-centre Bandra-Kurla Complex (BKC), two people with direct knowledge of the development told ET. IL&FS has received two final bids of around Rs 1,000 crore from these institutional investors and the government-appointed board is expected to select and approve the buyer by end-December. "The committee will now proceed with the discussions and negotiations with both final bidders separately. The outcome of these discussions will be placed before the board that will select the buyer by the end of this year," said one of the persons cited above.

In the news
7 Oct 2021

IL&FS gets NCLT's nod to sell road projects via InvIT

The National Company Law Tribunal (NCLT) has allowed IL&FS to sell road projects of IL&FS Transportation Networks through an infrastructure investment trust (InvIT). With this clearance, the company will now be able to issue units of InvIT to key lenders including SBI, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank. The InvIT had already received final registration from Sebi and all other requirements to form the InvIT are in place. The sale of road assets through the InvIT route will address the group's debt to Rs 9,214 crore. An IL&FS spokesperson confirmed the development. "The valuation presents a significantly improved recovery for the creditors of these SPVs as well as group companies who have provided debt to these SPVs," the spokesperson said.

In the news
6 Oct 2021

ITNL Accepts Auditor SRBC's Resignation

The board of directors of IL&FS Transportation Networks (ITNL) accepted audit firm SRBC & Co's resignation on Tuesday, a day after the firm had placed an offer to resign before the company's audit committee. The company's audit committee had met on October 4, 2021 to discuss the auditor's offer for resignation and after discussions recommended it to the company's board of directors.

In the news
28 Sep 2021

IL&FS Fin to sell bad loans worth Rs 4k cr

IL&FS Financial Services, an arm of IL&FS, has put on the block Rs 4,297 crore of loans that have been classified as non-performing assets. The finance company has said that the 62 loans will be sold all together for an upfront cash payment. Interested parties have been given until October 19 to submit a binding bid.

In the news
28 Sep 2021

IFIN plans to sell 62 NPA accounts of Rs 4,297 cr via Swiss challenge route

IL&FS Financial Services (IFIN). wholly-owned subsidiary of Infrastructure Leasing and Financial Services, on Monday placed 62 non-performing asset (NPA) accounts worth Rs 4.297 crore on sale. The lender said the sale of NPAs will be done through the 'Swiss challenge' route. Under the Swiss challenge method, the highest bid in the first round of bidding becomes the base price for bidders, including for the highest bidder, to place counter-bids in the second round of bidding.

In the news
27 Sep 2021

IL&FS and ITNL Looking to Replace Auditor SRBC & Co

Infrastructure Leasing & Financial Services (IL&FS) and its arm IL&FS Transportation Networks Ltd (ITNL) are evaluating replacement of auditor SRBC & Co, an EY affiliate, as their statutory auditor after a damning audit quality review report by the National Financial Reporting Authority (NFRA). The 343-page NFRA report released on Thursday said SRBC did not raise red flags in critical areas like going concern, evaluation of ITNL's investments and loans. Responding to ET's query, IL&FS said discussions were ongoing around the continuation or otherwise of the auditor, and that the audit committee would soon take a call.

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