There have been major board-level changes at Infrastructure Leasing and Financial Services (IL&FS) with G C Chaturvedi stepping down from the Board and Nand Kishore being appointed MD. C S Rajan,the former CMD, will now be the non-executive chairman. The changes come six months after Uday Kotak, who was originally appointed by the government to oversee the resolution, stepped down from the board. With the group's resolution not complete, the government may appoint new members to the Board
After a moratorium of over three years, IL&FS lenders will receive an estimated Rs 16,361 crore in the third quarter from the proceeds of the resolution of 191 special purpose vehicles (SPVs), said two people with knowledge of the matter. Alvarez & Marsal and Grant Thornton are advising IL&FS on the bank-wise distribution of the proceeds from the recoveries. IL&FS had informed lenders last week that proceeds would be distributed in the third quarter as against the initial plan of this being done in the second quarter, said one of the persons cited above.
Noida Toll Bridge Company Ltd., a Special Purpose Vehicle formed to build, own operate and transfer the DND flyway is seeking Rs 100 crores to undertake major repairs on the crucial link road between Noida and Delhi. The issue plaguing India's first eight lane access control highway is the lack of any defined sources of income with revenue drying up following adverse positioning by state government departments in Delhi and Noida. Toll collection on the DND flyway from commuters had been stopped in October 2016 after an Allahabad High Court order found two provisions relating to levy and collection of fee in the concession agreement to be inoperative.
Aditya Birla Sun Life Mutual Fund has exited loss-making IL&FS group-promoted Jharkhand Road Projects Implementation Company (JRPICL). It has sold its entire exposure to Edelweiss Alternative Assets Advisor Fund at a 24% discount, said three people aware of the development.The Edelweiss fund on July 12 purchased Rs 900 crore non-convertible debentures (NCDs) from Aditya Birla Sun Life MF and a Singapore fund, whom the MF had advised.
IL&FS has sold the 33.3% stake it held in a 44MW bagasse-based power generation plant to a Warana sugar cooperative, which holds a majority stake in the company The infra group has also sold its energy advisory business, which was carved out of IL&FS Energy Development (IEDCL), to PTC India. IL&FS has said that the total sale consideration for the power business is Rs 77.5 crore and both the businesses do not hold debt. In the sale of its energy advisory business, a division of IEDCL, PTC emerged as the highest bidder and the sale was completed on July 26 at a consideration of Rs 15 crore. This sale has been approved by NCLT.
Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) Group on Thursday said it has completed three sale transactions worth Rs 77.5 crore in its energy business portfolio. In the first transaction, the group sold its 33.33% stake in Urjankur Shree Tatyasaheb Kore Warana Power Company Ltd (Urjankur Warana) to Shree Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Ltd (HSF - Host Sugar Factory), a release said. It has also offloaded stake in Urjankur Nidhi Trust. Separately, it has completed the sale of its energy advisory business, a division of IEDCL, to PTC India Ltd (PTC).
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.
The Infrastructure Leasing & Financial Services Ltd (IL&FS) group has completed the sale of its stake in two energy assets—Urjankur Shree Tatyasaheb Kore Warana Power Company Limited (Urjankur Warana) and IL&FS Energy Development Company Limited (IEDCL) - for a total of Rs 77.5 crore, it said in a statement on Thursday, July 28. “Proceeds from both these sale transactions would be used by the new IL&FS board towards reducing overall debt as per the resolution framework approved by NCLAT (National Company Law Appellate Tribunal),” the company said in the statement.
The National Company Law Appellate Tribunal (NCLAT) has allowed IL&FS to distribute Rs 1,925 crore received as compensation for the Gurgaon Metro to creditors of the troubled infrastructure group. NCLAT has allowed this disbursal under the interim distribution framework on a pro-rata basis approved by the IL&FS board. This project was earlier kept out from the list of other companies that were approved under the interim distribution framework in the tribunal's May 31 order.
The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed IL&FS Group to distribute Rs 1,925 crore it received from the Haryana Shahari Vikas Pradhikaran (HSVP) in connection with the Rapid Metro project in Gururgam to its financial creditors. The tribunal however clarified that distribution of the amount will be subject to final resolution of the legal matters concerning the IL&FS companies.