ITNL

Company discharged the debt by way of monetisation of assets, auto debits by banks

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, ...

On average, one auditor of a listed company has prematurely resigned every two weeks this financial year; pace seems to have picked up in September with 5 departures

The auditor said in a statement that its resignation was accepted by the board of ITNL

The authority has also found the auditor to be in violation of ICAI Code of Ethics 2019

Execution hiccups, funding costs and delays in financial closure are hurting the sector

It has drawn up a plan, as part of which it wanted to monetise some road assets

The company's larger strategy to arrest its debt woes includes debt refinancing