In the news
17 Feb 2022

IOC planning to acquire IL&FS' Paradip water supply project

State-owned Indian Oil Corporation (IOC) is exploring the option to acquire IL&FS Paradip Refinery Water Ltd, the crisis-hit IL&FS has said in an affidavit filed before the insolvency appellate tribunal NCLAT. However, the Uday Kotak-led board has not shared any financial details while updating the tribunal on the progress of the groups resolution process.

In the news
16 Feb 2022

KKR Affiliate Entity Set to Acquire IL&FS' Stake in Bangalore Tollway

Global investment firm KKR, through an affiliate entity, is set to acquire crisis-hit non-banking finance company Infrastructure Leasing & Financial Services' (IL&FS) stake in Bangalore Elevated Tollway Private Ltd (BETPL). Galaxy Investments, a wholly-owned subsidiary of KKR Asia Pacific Infrastructure Holdings, has entered definitive agreement with UK's development finance institution CDC's India Infrastructure Fund II to acquire a stake in the company.

In the news
16 Feb 2022

Punjab & Sind Bank declares IL&FS Tamil Nadu Power as fraud account; outstanding dues at Rs 148 crore

Public Sector Punjab & Sind Bank (PSB) on Tuesday said it has declared bad asset IL&FS Tamil Nadu Power Company, with dues of over Rs 148 crore, as a fraud account and reported it to the Reserve Bank. As per the bank's policy on determination and disclosures on material events, PSB said it has declared this non-performing account as a fraud account. "It is informed that an NPA account, viz IL&FS Tamil Nadu Power Company Ltd with outstanding dues of Rs 148.86 crore has been declared as fraud and reported to RBI today as per regulatory requirement," the lender said in a regulatory filing.

In the news
14 Feb 2022

IL&FS to resolve debt by March

IL&FS group is all set to resolve debt of Rs 55,000 crore by March, the board of the crisis-hit company has stated in its affidavit filed before the National Company Law Appellate Tribunal (NCLAT). While updating the progress of the resolution, the IL&FS board led by banker Uday Kotak said Rs 55,000 crore debt would be resolved through asset monetization, restructuring and initiatives pertaining to insolvency proceedings.

In the news
14 Feb 2022

IL&FS to resolve Rs 55,000 cr debt by March

IL&FS Group will resolve debt of Rs 55,000 crore by March 2022, the board of the crisis-hit company has said in its affidavit filed before the National Company Law Appellate Tribunal (NCLAT). While updating the progress of the resolution progress, the IL&FS board, led by Uday Kotak, said Rs 55,000 crore debt would be resolved through asset monetisation, restructuring and insolvency proceeding initiatives. Some of this has already been completed while the rest is at different stages of resolution, it said in a brief snapshot on the progress made in the ongoing resolution process till December 7, 2021, and suggested estimates of progress to be made by March 2022.

In the news
9 Feb 2022

IL&FS files plea to distribute Rs 16,200cr recovery proceeds

IL&FS has filed a petition in the National Company Law Appellate Tribunal in Delhi seeking permission to distribute recovery proceeds to creditors. Last month, the board of the company had passed a resolution under which it proposed an interim distribution of Rs 16,200 crore (recovered by March 31,2022).

In the news
9 Feb 2022

Govt seeks to distribute Rs 16K cr to IL&FS creditors

The government has moved the National Company Law Appellate Tribunal's Delhi bench,seeking approval for interim distribution of group assets worth Rs 16,200 crore to the creditors, including public funds, by March 31.

In the news
9 Feb 2022

IL&FS to distribute Rs 20,000-cr proceeds to creditors by March

The board of debt-ridden Infrastructure Leasing & Financial Services (IL&FS) has approved a proposal enabling interim distribution of proceeds to the extent of Rs 20,000 crore by March-end (2022) from the resolution of entities of the group. An affidavit has been filed with the National Company Law Appellate Tribunal (NCLAT) by the government to permit and approve the interim distribution mechanism. After this, the proceeds can be transferred to the creditors.

In the news
9 Feb 2022

Centre moves NCLAT for interim distribution of proceeds of Rs 16,200 cr

The Centre has filed an application with the National Company Law Appellate Tribunal for interim distribution of Rs 16,200 crore as part of the ongoing resolution of Infrastructure Leasing and Financial Services Ltd. The application, filed with the Delhi Bench of NCLAT, seeks interim distribution of Rs 10,950 crore in cash and Rs 5,250 crore of InvIT units by March 31.

Press release
4 Feb 2022

IL&FS COMPLETES STAKE SALE IN WARORA CHANDRAPUR HIGHWAY, RESOLVES RS 324 CRORE GROUP DEBT

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.

Load more