IL&FS

IL&FS Financial Services' creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018. The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said on Monday. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018. The group had a debt of more than Rs 95,000 crore among nearly 347 group entities when the crisis came to light in October 2018. Since the resolution began, the group has so far discharged debt worth Rs 27,000 crore. Banks have secured exposure of over Rs 7,500 crore to IL&FS Financial Services Ltd (IFIN) which will be resolved with a combination of cash payout under the interim distribution plan and allocation of InvIT (Infrastructure Investment Trust) units by way ..

IL&FS has completed Interim Distribution pay-out for Rapid MetroRail Gurgaon South Limited (RMGSL), an IL&FS Group company.

IFIN, a subsidiary of IL&FS, the bankrupt infrastructure financing and construction company, had disbursed Rs 50 crore as loan to SSCL

Infra lending firm's affidavit says it has reduced the number of entities under it from 302 to 101

The Ministry of Corporate Affairs (MCA) has nominated two directors -- G Mahalingam and Deepak Mohanty -- on the board of IL&FS. The appointment of these two directors has been approved by both the MCA and National Company Law Tribunal. When contacted, IL&FS confirmed their induction on the board effective October 15, 2022. Both Mahalingam and Mohanty are former executive directors in the Reserve Bank of India. With this induction, the existing board of IL&FS now comprises 6 members with C S Rajan as non-executive chairman.

Nand Kishore, who was serving as an executive director, has been made the Managing Director, according to the company.

Sebi comes out with circular with changes, also tweaks policy to deal with non-cooperating issuers

IEDCL sold 27.75 per cent of its stake in Urjankur Nidhi Trust, where Maharashtra Energy Development Agency has a 50 per cent stake and Shree Datta Shetkari Sakhar Karkhana Ltd holds 22.25 per cent.

Domestic corporate scandals of recent vintage, such as Global Trust, Satyam, IL&FS or YES Bank, to name a few, have all been the result of implosions rather than employee revelations

Siva Shelters offers to pay 20% of settlement amount immediately on signing of agreement

'We are in growth, customer acquisition, and balance-sheet expansion mode'

The strong demand in real estate -- residential, commercial, and logistics -- is giving confidence to the likes of JM Finance, Piramal, LIC Housing, and Indiabulls Housing Finance

The interim distribution will be for Rs 16,361 crore -- Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units

Parthasarathy was suffering from cancer and had been hospitalised in Mumbai since last November

It is important to remember that growth had been slowing for five consecutive quarters before 2019-20

IL&FS resolution has lessons

The lenders have approved IL&FS Group's proposal to restructure the Rs 5,500 crore debt of its subsidiary Chenani Nashri Tunnelway (CNTL), which offers almost full repayment to them. The move comes after the company has revalued itself at Rs 5,257 crore now after the deal with Cube Highways of Singapore failed last year, due to regulatory delays, for a consideration of Rs 3,900 crore. The three-day voting opened on March 21 and saw the lenders favouring debt recast as it offers them 99 per cent of their money while unsecured lenders will get back 90 per cent. The new proposal values the company at Rs 5,257 crore and will address Rs 4,910 crore of the IL&FS Group debt. An IL&FS spokesperson confirmed the development, saying we have got the requisite approvals from the lenders to restructure the debt of CNTL. The proposal entails CNTL converting itself into a green entity, with secured and unsecured lenders getting over 99 per cent and 90 per cent of the principal amount, ...

IFIN had placed 62 non-performing asset (NPA) accounts worth Rs 4,297 crore on sale, which was to be done through the 'Swiss Challenge' route

IL&FS group would resolve debt of Rs 55,000 crore by March 2022, the board of the crisis-hit company has stated in its affidavit filed before the NCLAT

The decision of interim distribution was taken because the group is expected to have a considerable amount of distributable assets, both in cash and InvITs, by March