National Company Law Tribunal approves IL&FS stake sale in GIFTCL to Gujarat govt
4 years, 7 months ago

National Company Law Tribunal approves IL&FS stake sale in GIFTCL to Gujarat govt

Firstpost  

The National Company Law Tribunal has approved crisis-hit IL&FS to selling its stake in the Gujarat International Finance Tec-City Company to the Gujarat government Mumbai: The National Company Law Tribunal has approved crisis-hit IL&FS to selling its stake in the Gujarat International Finance Tec-City Company to the Gujarat government. The order said that IL&FS had sought that an amount of Rs 61.84 lakh is excluded as resolution process costs incurred for meeting various expenditures, other applicable taxes from the sale proceeds of the applicant’s shareholding in GIFTCL to the Gujarat government. “In view of the relief sought by the applicant, this bench hereby approved that sale of shares of GIFTCL held by IL&FS to Governor of State of Gujarat/Gujarat Urban Development Company Limited shall be free and clear from all encumbrances, liens, security interest and third-party claims upon receipt of sale consideration from GUDC,” it said. That sale consideration payable to IL&FS excluding resolution process costs will be credited into a designated Escrow Account intimated by the applicant and such funds will be maintained as interest-bearing fixed deposits, the order added.

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History of this topic

IL&FS approaches NCLAT seeking release of Rs 145 cr held by Gujarat discom
5 years, 3 months ago

IL&FS approaches NCLAT seeking release of Rs 145 cr held by Gujarat discom

India TV News  

Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued a notice to the Gujarat Urja Vikas Nigam over the IL&FS plea. According to senior advocate Ramji Srinivasan appearing for IL&FS, the …

Sale of 10 IL&FS entities underway; board to adopt asset level resolution for group companies: Govt
5 years, 7 months ago

Sale of 10 IL&FS entities underway; board to adopt asset level resolution for group companies: Govt

Firstpost  

The board of IL&FS, which has to repay over Rs 90,000 crore to lenders, has decided to adopt an “asset level resolution” with regard to various group companies and entities. New Delhi: The resolution process for 10 profitable IL&FS group companies, having total debt of Rs 11,564 crore, is underway, the government informed the National Company Law Appellate Tribunal said …

A dozen suitors for IL&FS stake sale in two subsidiaries
6 years, 1 month ago

A dozen suitors for IL&FS stake sale in two subsidiaries

Live Mint  

Mumbai: Infrastructure Leasing & Financial Services has received more than a dozen expressions of interest for acquiring the troubled financier’s stakes in subsidiaries IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd, the company said in a press release. “IL&FS has received a strong response to its asset monetization process, initiated a fortnight ago, towards developing a resolution …

IL&FS crisis: 10 group firms to be up for sale
6 years, 1 month ago

IL&FS crisis: 10 group firms to be up for sale

Live Mint  

New Delhi: Eight to 10 subsidiaries of Infrastructure Leasing and Financial Services Ltd will be up for sale shortly as its state-appointed board of directors explores a turnaround scheme involving the sale of group companies. The planned sale indicates IL&FS is now going full steam in monetising key group entities, which are not able to service debt as part of …

IL&FS board invites buyers for stake in two of its subsidiaries
6 years, 2 months ago

IL&FS board invites buyers for stake in two of its subsidiaries

Live Mint  

Mumbai: The government-appointed board of Infrastructure Leasing and Financial Services Ltd has started the process to sell some of its assets to help pare the company’s debt. IL&FS will solicit expressions of interest in two assets engaged in the securities services business—IL&FS Securities Services Ltd, a clearing member in equity and other derivatives; and ISSL Settlement & Transaction Services Ltd, …

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