Page 16 - Il&fs

Over 12 players show interest in buying stake in IL&FS securities business

The IL&FS group will shortly be launching the asset monetisation process for the sale of many other assets as part of its ongoing resolution process

IL&FS board to soon put up to 10 subsidiaries on sale to meet payment dues

Following an "overwhelming response" to buy units of debt-ridden Infrastructure Leasing and Financial Services Ltd (IL&FS), its state-appointed board will soon put on sale another 8 to 10 subsidiaries, an official said on Saturday.

IL&FS arm put Rs 4.6 billion into Rajasthan's road project before contract

The project was being put through a Special Purpose Vehicle named ITNL Road Infrastructure Development Company

IL&FS subsidiary defaults again, this time on Rs 72.4-mn interest payments

: IL&FS Transportation Networks has yet again defaulted on interest payments worth Rs 7.24 crore on non-convertible debentures (NCDs), payable on November 21, 2018. In a filing to the exchanges, it has informed that it has defaulted on 184-days bond which was issued on May 21. Earlier this month, it had defaulted on payment of interest worth Rs 2.29 crore on NCDs payable on November 2. It had also defaulted on interest payment of a similar amount on a different NCD, which was due on November 1. So far the crippled IL&FS group has defaulted on many debt instruments worth over Rs 4400 crore, due to insufficient funds. The group total debt stood at Rs 94,215.6 crore as of October. ******************* Mahindra to supply e-vehicles to Thane civic body Thane: Mahindra & Mahindra has signed an agreement with Thane Municipal Corporation (TMC) to provide last-mile mobility solutions by deploying its electric vehicles across the city. The company will deploy its ...

IL&FS subsidiary delays Q2 results citing group firm's NCLT proceedings

IL&FS Transportation Networks, part of the troubled IL&FS group, Thursday cited NCLT insolvency proceeding as the reason for delay in filing September quarter financial results with the stock exchanges and said it will declare quarterly numbers at the earliest. As per the listing norms with BSE and NSE, companies are required to file the results on a quarterly basis within 45 days from the end of the quarter. "The newly appointed board of IL&FS is in the process of preparation of roadmap and its subsequent submission to NCLT, which will require IL&FS Transportation Networks Ltd (ITNL) to undertake divestment, restructuring and/or consolidation of its assets...which will have an impact on the accounting and financial aspects of ITNL," the company said in a BSE filing. "The aforesaid has resulted in delay in finalising and submission of financial results for the September quarter," it added. The company also said accounting systems and the drives in which financial data .

IL&FS total defaults till date stand at Rs 46.4 bn, up 22% from Sept end

Latest default of November 19 was in lieu of two short-term deposit repayments of Rs 573 mn; earlier that day, it had defaulted on Rs 3 billion deposit repayments to MUDRA

No takers for India's real estate bonds as IL&FS fuels worry of defaults

Dwindling sales may make it harder for developers to repay $4.9 billion of debt that comes due in 2019

How IL&FS used its subsidiary Kanak Resources for suspicious fund transfers

Manipulation, exploitation and eventual acquisition of Kanak Resource Management Limited has unearthed a raft of shady lending and borrowing ops

IL&FS board informs NCLAT about new roadmap to address lenders queries

The newly-formed board of IL&FS Tuesday informed the National Company Law Appellate Tribunal (NCLAT) that it has drawn up a new roadmap to address concerns of lenders. Senior advocate Ramji Srinivasan appearing for IL&FS informed the two-member bench that the draft proposal has already been submitted before the Mumbai bench of the National Company Law Tribunal (NCLT) and sought its permission to place before it. "The new board of directors has chalked out a new roadmap which will answer lenders' question," Srinivasan told the NCLAT bench headed by Justice S J Mukhopadhaya. "We request permission to place a new roadmap before NCLAT", he pleaded. The NCLAT was hearing a bunch of petitions seeking initiation of insolvency proceedings against IL&FS. During the hearing, lenders of IL&FS group opposed the 90-day moratorium over loan repayment by the debt-laden group and its subsidiaries. The banks have also asked the appellate tribunal to allow them not to classify IL&FS

IL&FS lenders oppose moratorium over loans; tribunal hearing on Dec 17

Lenders of IL&FS group Tuesday opposed before the NCLAT the 90-day moratorium over the loans taken by the debt-laden group and its subsidiaries. The banks have also asked the appellate tribunal to allow them not to classify IL&FS account as NPA in case of non-payment. Meanwhile, the government informed National Company Law Appellate Tribunal (NCLAT) that it has prepared a roadmap to revamp the company. The tribunal has fixed December 17 as the next date of hearing. On October 15, NCLAT had stayed all proceedings against IL&FS group and its 348 firms till its further orders, over an urgent petition moved by the government. The Ministry of Corporate Affairs had approached the appellate tribunal after the Mumbai bench of National Company Law Tribunal (NCLT) turned down its plea to grant 90-day moratorium over the loans taken by IL&FS and its subsidiaries. The NCLT on October 1 suspended the board of IL&FS on the government's plea and authorised reconstitution of the

Here's why RBI is convinced that India's shadow banks need to suffer

Ever since IL&FS defaulted on some of its debt recently, the entire sector has been starved of funds

Beleaguered IL&FS' board to sell stake in 2 clearing services subsidiaries

The new board has requested NHAI and Ministry of Road Transport to settle claims filed by IL&FS' companies for concessions

IL&FS crisis: IndusInd Bank moves NCLAT to recover interest of Rs 250 mn

The appellate tribunal has directed to list the matter on November 13, when it would hear the main matter

IL&FS mess: MCA flags liquidity crunch in DHFL, Indiabulls Housing Finance

PNB Housing Finance said it is comfortably placed with respect to its ALM position

Best option is to sell IL&FS along with group firms: Corp affairs secy

The other option is to sell verticals and assets separately, says Injeti Srinivas

IL&FS mess: When a director was threatened with jail for raising questions

Whistleblower-director slapped with criminal defamation for raising questions in 2015; matter was eventually thrown out by Supreme Court

Challenges for IL&FS

Report from new board raises as many queries as it answers

Two IL&FS subsidiaries default on a interest payment of Rs 636 mn

Two subsidiaries of cash-laden Infrastructure Leasing & Financial Services (IL&FS) Friday have defaulted on a total interest payment of Rs 63.60 crore of various debt instruments. The group's non-banking finance arm, IL&FS Financial Services (IFIN) Friday said it has defaulted on repayment of various debt obligation worth Rs 61.31 crore, due on Thursday, the company said in a filing to exchanges. "The company was unable to service its obligations of interest on cash credit facilities/short-term loans/term loans worth Rs 61.31 crore," the company said. IFIN, on Thursday, also defaulted on repayment of Rs 106 crore of term loans and Rs 0.77 crore of interest on short term loan, due on October 31, 2018. In a separate filing to exchanges, IL&FS Transportation also Friday said it has defaulted on payment of interest worth Rs 2.29 crore on non-convertible debentures (NCD), which was payable on November 2, 2018. It had defaulted on interest payment of a similar .

IL&FS: IFIN's exposure to group cos breached RBI norms in FY16-18: Board

This finding was submitted to the Mumbai bench of the National Company Law Tribunal by the government-appointed board Wednesday

GN Bajpai resigns from govt-appointed IL&FS board, cites 'personal reasons'

Bajpai, an ex-Sebi chairman, was one of the seven directors appointed on the company's board by the government