IL&FS Financial Services has moved the Supreme Court against a show-cause notice issued by market regulator Securities and Exchange Board of India. At the heart of the controversy is whether Sebi has the powers to initiate regulatory action against entities placed under moratorium as per Insolvency Bankruptcy Code (IBC). The case has been admitted by the apex court and a two-member bench comprising Justices Vineet Saran and Dinesh Maheshwari will be hearing it. The matter has been tagged along with another appeal by IL&FS Securities Services where the contention is the same – Sebi has passed orders against entities under the IBC.
Infrastructure Leasing and Financial Services (IL&FS) Tuesday said it has recovered Rs 33.28 crore through the sale of various vehicles, including luxury cars, and moveable fixed assets. The identification of these assets started in December 2018 and auctions were conducted in various phases, the group said.
The Municipal Corporation of Gurugram (MCG) initiated an inquiry against its concessionaire for the Basai construction and demolition (C&D) waste plant for allegedly subletting the facility to a third party, said officials on Sunday. Officials clarified that they are checking if the same was allowed under the agreement and said that "it could be a violation" of the agreement
IL&FS has floated a request for proposal for selling stake of IL&FS Energy Development Company Ltd (IEDCL) in Shendra Green Energy. "Shendra Green Energy Ltd, (SGEL), a 100 per cent subsidiary of IEDCL, is inviting request for proposals (RFP) for potential stake sell of IEDCL stake in SGEL," a public notice said. SGEL, formerly known as GAPS Power & Infrastructure, is a 13 mega watt biomass-based power plant incorporated on 18 February 2005 and situated at Shendra MIDC, Aurangabad, Maharashtra
Infrastructure Leasing and Financial Services (IL&FS) on Tuesday invited expressions of interest (EOI) from eligible investors for its 100% stake in Ramagiri Renewable Energy Ltd (RREL) and purchase of fixed assets of IL&FS Energy Development Company (IEDCL). IL&FS and its group companies collectively hold 95.54% of the total issued, subscribed and paid-up share capital of IEDCL. RREL is a 100% subsidiary of IEDCL.
The managing director of IL&FS Transportation Network Ltd has been arrested in an alleged case of cheating and forgery of around Rs 100 crore, which was amassed on the pretext of investment and stake in the company's Special Purpose Vehicle (SPV) for Gurgaon Rapid Metro project. The directors of the firm allegedly duped the director of another firm, Enso Infrastructures, by offering a 15% stake in the project in lieu of investment of around Rs 170 crore. However, the funds were allegedly siphoned off through bogus bills and invoices to inflate expenses and the stake was never delivered, said additional commissioner (EOW) RK Singh.
Total outstanding dues owed by electricity distribution utilities or discoms to power producers fell 15.25% to Rs 82,305 crore in May from a year ago. Distribution companies (discoms) owed a total Rs 97,111 crore to power generation companies (gencos) in May 2020, according to the portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators).
Nearly three years after taking control of Infrastructure Leasing and Financial Services (IL&FS), the Uday Kotak-led board of directors on Wednesday said that the overall resolution of the group companies is now likely to stretch beyond the current fiscal. As part of its quarterly update on the progress of the ongoing resolution process, the beleaguered infrastructure firm said that the resolution of around 95 entities, with an estimated debt recovery of Rs 3,000 crore, will take place well beyond March 2022. Of the total liabilities of Rs 99,355 crore, the board has so far addressed Rs 29,030 crore through resolution and cash recovery Another Rs 14,643 crore is expected from applications filed with courts, taking its total recovery to Rs 43, 673 crore or 44% of the total group debt.
Debt-laden IL&FS on Wednesday said it expects to address Rs 58,000 crore or 95% of its estimated debt recovery target by March 2022, reports PTI. In April this year, the group had revised its estimates for aggregate debt recovery to Rs 61,000 crore beyond September 2021. The group's overall debt stood at Rs 99,000 crore, as of October 2018. As of May 31, 2021, Rs 43,600 crore or 44% of estimated recovery have been addressed, the group said.
In its latest update on resolution process, IL&FS has said that the group will complete 95% of the estimated recovery, amounting to Rs 58,000 crore, by March 2022. This indicates the resolution process would spill over beyond FY22 to address the high number of residual entities with low recovery potential. Earlier this year, the board had revised upward the recovery target to Rs 61,000 crore from 56% earlier. Of the total debt of Rs 99,355 crore, Rs 29,030 crore has already been addressed through resolution and cash recovery and another Rs14,643 crore is expected from applications filed with courts. The board has projected an additional Rs 7,700-crore recovery by September 2021 and Rs 6,700 crore by March 2022. This will take the overall recovery to Rs 58,000 crore (95%).