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Company discharged the debt by way of monetisation of assets, auto debits by banks
The CBI has registered a fresh FIR against IL&FS Transportation Network Ltd and its step-down subsidiary Spain-based Elsamex SA for allegedly misappropriating credit facilities to the tune of Rs 239 crore by cheating and diverting funds, officials said on Monday. India Exim Bank had sanctioned a credit limit of Euro 35 million to Elsamex which is also a wholly owned subsidiary of Singapore-based ITNL International Pte Ltd in 2015 for securing and executing overseas contracts. IL&FS Transportation is already facing a CBI probe for causing a loss of over Rs 6,524 crore to a Canara Bank-led consortium. In 2016, a consortium of Elsamex and ITNL won the bid for an Ethiopian project to design, manage and maintain the work of the Nekemte Bure Road upgrading project under an output and performance-based road contract. The project needed disbursal of certain mobilisation advances, which were to be secured by guarantees sanctioned by Exim Bank. So, Euro 32.60 million was allocated under
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