As part of the ongoing resolution process, IL&FS has signed binding agreements with secured lenders of three entities - MBEL, Jharkhand Road and West Gujarat Expressway

Probe by SFIO also reveals attempts by top IL&FS management to influence credit rating

IL&FS has signed binding term sheet with secured lenders of three entities, as part of its resolution process. The entities for which the binding term sheet has been signed include - Moradabad Bareilly Expressway Limited, Jharkhand Road Projects and West Gujarat Expressway Limited. With this term sheet, these three entities have now been moved them from Amber to Green, as per the Hon’ble NCLAT order July 12, 2019.

IL&FS and Lenders reach pact, Company says it will take up 10 more companies next

The 270-day NCLT deadline is over but the new Board and the investigating agencies are just about warming up

Highlights of the IL&FS Board meeting held on June 28, 2019 where the Board reviewed the resolution progress and formed a committee to finalise asset wise resolution with lenders

The RBI, in its stability report released on Thursday, said that IL&FS case has brought the NBFC sector under greater market discipline as better performing companies continue to raise funds while the ones with asset quality concerns were subjected to higher borrowing costs

The Supreme Court order provides relief for IL&FS as it must await judiciary bodies orders, not pay from own pocket

The Govt has paid upto Rs 25 crore to ADB and KFW on sovereign guarantees issued on behalf of IL&FS and is staring at another Rs 250 crore payout towards guaranteed IL&FS loans

Company will take last audited results as the base to prepare financial statement; accounts need to be ready by September 30, 2019