IL&FS Group

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

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

The resolution process of IL&FS started three and half years ago after a new management was appointed by the government

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

IL&FS Group on Friday said it has completed the sale of its 35 per cent stake in Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL).

If this happens, it would have resolved amounts close to Rs 57,000 by then; lenders' write-off pegged 38-39%

Transfers 4,000 employees, including consultants, to new promoter; saves Rs 50 cr a year in the process

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Thursday announced completion of 49 per cent stake sale in its Chinese road asset - Chongqing Yuhe Expressway Co Ltd (CYEC). The stake is sold to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by PingAn Insurance and China Merchants, a release from IL&FS Group said. The transaction will help the group address Rs 2,600 crore of its overall debt of close to Rs 99,000 crore (as of October 2018). The group, through its step-down Singapore-based subsidiary, ITNL International Pte Ltd (IIPL), was holding 49 per cent stake in CYEC. The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG). IL&FS has duly received Rs 1,035 crore (USD 141.3 million) in Singapore as part of this stake sale transaction, the group said in the release. The amount will be used to pay around USD 88 million of Bank of Baroda loans and the ..

The repayments by IL&FS Solar also cover tax and statutory dues

Process of inviting bids to start next week for sale in cash; loans to over 70 companies have turned bad

The group has shared its estimates of debt to be addressed over the next three quarters

With this, total claim approvals for the group now stands at Rs 2,700 crore

96% of loans disbursed are non-performing

IL&FS is expected to assess the fair market value of its stake in the JV and execute the sale at an appropriate price

The IL&FS Group on Thursday said Justice (Retd) D K Jain, who is overseeing the IL&FS resolution and divestment process, has granted approval for the sale of its education business, Schoolnet India Ltd, to Career Point Publications Pvt Ltd (CPPPL). Jain approved sale of education business on the conditions that IL&FS shall place the proposal before the NCLT for its approval; and the bid amount, so realised, will be kept in an escrow account to be disbursed in accordance with the directions of the NCLT and the National Company Law Appellate Tribunal (NCLAT). The IL&FS Group has already received approval from the committee of creditors to sell its education business to CPPPL and will now approach the National Company Law Tribunal (NCLT) for final approval to conclude the transaction. This transaction, on completion, would resolve nearly Rs 600-crore debt of IL&FS Group. CPPPL, part of the Career Point Group, had emerged as the highest bidder for acquiring IL&FS' .

The group is seeking expression of interest (EoI) from potential buyers.

NCLAT takes on record new board's plan, debt restructuring for nine more amber category firms soon

IL&FS, through its group firms IL&FS Township and Urban Assets and IL&FS Engineering and Construction Company holds a total of 80 per cent equity stake in HCPL

A quarter of the beleaguered group's debt has been taken care of

The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to give any interim relief to auditing firms Deloitte Haskins & Sells LLP and B S R Associates LLP with regard to a ban imposed on them in the IL&FS case. The NCLT Mumbai will continue its scheduled hearing in the case of their alleged role in the IL&FS fraud matter, a three-member bench headed by Chairperson Justice S J Mukhopadhaya said. The NCLAT, however, said that the NCLT will not pass any final order till its next hearing on September 20. Listing the matter for September 20, the NCLAT also issued a notice to the Ministry of Corporate Affairs to file its reply within two weeks. The NCLAT was hearing appeals filed by Deloitte and BSR against the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on August 9, rejected their pleas of challenging its jurisdiction to ban them from the business for five years for their omissions and commissions in the IL&FS Group scam. The