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%).

The crisis-hit Infrastructure Leasing and Finance Limited (IL&FS) group has addressed a debt of about Rs 43,000 crore and is confident of addressing an additional debt of Rs 14,400 crore, taking its total debt recovery to Rs58,000 crore by March next year. In a presentation, IL&FS says, "Significant portion worth Rs 50,000 crore of estimated recovery would be addressed by September 2021. We expect to address a debt of about 95% or Rs 58,000 crore out of the estimated recovery of Rs 61,000 crore by March 2022. Since there is a high number of residual entities with low recovery potential, it would remain beyond March 2022. The incremental recovery value in these 89 small entities is worth Rs 3,000 crore and will take some more time and we are exploring all options to address this debt, but cannot put a timeline for the recovery."

The resolution of around 95 entities, with an estimated debt recovery of Rs 3,000 crore, of the beleaguered Infrastructure Leasing and Financial Services (IL&FS) group, will take place well beyond March 2022, the board of IL&FS said in its latest update on the resolution process. According to the Board, by March 2022, around Rs 58,000 crore, or 98 per cent of the estimated amount will be recovered, but a large number of residual entities with low recovery potential would still remain beyond March 2022.