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 matter relates to the payment of five IL&FS wind energy companies. IL&FS had approached Gujarat Energy Regulatory Commission regarding this but could not get relief there.

Nclat Gujarat Discom Rs 145 Cr  held  urja  gujarat  discom  approaches  ilfs  release  nclat  cr  resolution  vikas  rs  matter  seeking

History of this topic

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 3 months ago

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha, dismissed the appeal filed in State Bank of India vs. Ritesh Prakash Adatiya & Ors. The appeal was filed against the order dated 29.03.2023 passed by the National Company Law Tribunal Kolkata whereby an application by the IRP of McLeod Russel …

IL&FS scam: ED summons Jayant Patil
1 year, 8 months ago

IL&FS scam: ED summons Jayant Patil

Hindustan Times  

Mumbai: The Enforcement Directorate has summoned senior Nationalist Congress Party leader Jayant Patil for questioning on Friday for the alleged financial irregularities at the debt-hit Infrastructure Leasing and Financial Services. ED’s probe began in February 2019 based on a Delhi Police Economic Offences Wing case filed against IRL, ITNL, its officials and others. ED had also taken cognisance of a …

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.
1 year, 10 months ago

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Punit Goenka v Indusind Bank Ltd. & Anr., has stayed the NCLT order dated 22.02.2023, whereby Corporate Insolvency Resolution Process was initiated against Zee Entertainment Enterprises Ltd. Background Facts Zee Entertainment Enterprises Ltd. is an Indian media …

Stocks to Watch: SBI, Coal India, Future Retail, Eicher Motors, telcos
2 years, 11 months ago

Stocks to Watch: SBI, Coal India, Future Retail, Eicher Motors, telcos

Live Mint  

NEW DELHI: Here are the top 10 stocks that could be in focus on Monday: State Bank of India: The country's largest lender expects to recover around ₹8,000 crore from written-off accounts, including from NCLT resolved cases, in the current fiscal ending 31 March. Future Retail: Lenders to Future group have agreed to halt the sale of Future Retail Ltd’s …

IL&FS Misses Debt Resolution Target by Rs 7,300 Crore in Q2 of FY21
4 years, 2 months ago

IL&FS Misses Debt Resolution Target by Rs 7,300 Crore in Q2 of FY21

News 18  

Debt-laden Infrastructure Leasing and Financial Services Group, which had earlier estimated to address debt of around Rs 8,800 crore in the second quarter of FY21, on Saturday said it has been able to address debt of just around Rs 1,460 crore during the period due to COVID-19 related delays. “As compared to the previous update, the Rs 7,300-crore shortfall in …

IL&FS says aims to resolve nearly 60% of debt despite pandemic delays
4 years, 5 months ago

IL&FS says aims to resolve nearly 60% of debt despite pandemic delays

Live Mint  

Infrastructure Leasing & Financial Services said on Monday it expected to resolve about 57% of its near trillion rupee debt pile even as the pandemic delayed the resolution process in some of the group companies. About 50% of the debt is expected to be resolved by March 2021, the indebted infrastructure lender's board said in a progress report, with 18% …

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 …

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS matter; allows operation of 29 July interim order for two weeks
4 years, 10 months ago

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS matter; allows operation of 29 July interim order for two weeks

Firstpost  

On 29 July, the NCLAT stayed the order of the Mumbai bench of the NCLT to implead the auditors and the independent directors of IL&FS. New Delhi: The National Company Law Appellate Tribunal on Wednesday dismissed the pleas of debt-ridden IL&FS auditors — Deloitte Haskins & Sells and KPMG arm BSR & Associates — challenging their impleadment in the case …

IL&FS to address major portion of outstanding debt by July, says Uday Kotak
5 years ago

IL&FS to address major portion of outstanding debt by July, says Uday Kotak

Live Mint  

IL&FS Group is working towards addressing a 'significant portion' of the outstanding debt of ₹94,000 crore by July 2020, its chairman Uday Kotak said on Tuesday. "He said the group has received binding bid for Chinese road asset that will resolve nearly ₹1,600 crore debt and additional ₹980 crore towards equity value for the shareholding entity. The group has sold …

IL & FS records over Rs 22,000 crore loss in 2019
5 years, 1 month ago

IL & FS records over Rs 22,000 crore loss in 2019

India TV News  

Crisis-ridden IL&FS on Wednesday reported a net standalone loss of Rs 22,527 crore for the financial year 2018-19, compared to a net profit of Rs 333 crore during the previous year. The company posted total revenue of Rs 824 crore during the period under review, as against Rs 1,734 crore in the previous year, it said. As on March 31, …

IL&FS receives bids of Rs 13,000 crore for 10 road assets
5 years, 4 months ago

IL&FS receives bids of Rs 13,000 crore for 10 road assets

India TV News  

Crisis-ridden infrastructure financing major IL&FS has received binding financial offers totalling nearly Rs 13,000 crore for 10 of its domestic road assets. In addition to this, the IL&FS Group entities continue to hold rights to receive claims with gross value of over Rs 1,900 crore filed with various concession authorities in respect of these assets. "The combined value of bids …

NCLAT asks IL&FS, govt about steps taken for 55 loss making red firms
5 years, 6 months ago

NCLAT asks IL&FS, govt about steps taken for 55 loss making red firms

Live Mint  

New Delhi: The National Company Law Appellate Tribunal has asked from the government and IL&FS about the steps being taken for the 55 loss making red entities of the debt-ridden group. The appellate tribunal has also asked as whether any such red entities could be categorised into green or amber list of IL&FS companies. Besides, the appellate tribunal also asked …

SC stays payment of ₹380 crore by IL&FS subsidiary
5 years, 6 months ago

SC stays payment of ₹380 crore by IL&FS subsidiary

Live Mint  

New Delhi: The Supreme Court on Wednesday directed IL&FS Securities Services Ltd to approach the appropriate court against a payment commitment of ₹380 crore because of fraudulent trades by Allied Financial Services Private Limited, a stock broker with whom IL&FS Securities Services Ltd had signed a clearing agreement. “Extension of the time of payment won't create havoc in the market,” …

IL&FS asks bourses to avoid coercive actions over quarterly results
5 years, 6 months ago

IL&FS asks bourses to avoid coercive actions over quarterly results

India TV News  

Infrastructure Leasing and Financial Services Ltd Engineering and Construction Company urged the exchanges on Wednesday to avoid coercive action against it for failing to declare its quarterly results. The company in a regulatory filing said it will be "challenging" for the management to prepare the financial statements owing to the proposed divestment and restructuring of its group companies, among other …

IL&FS scam: Two former executives of crisis-hit lending firm sent to ED custody till 25 June
5 years, 6 months ago

IL&FS scam: Two former executives of crisis-hit lending firm sent to ED custody till 25 June

Firstpost  

Two former IL&FS executives arrested by the Enforcement Directorate for their alleged roles money laundering for the crisis-hit lending firm, were on Thursday remanded to six-day custody of the central agency Mumbai: Two former IL&FS executives arrested by the Enforcement Directorate for their alleged roles money laundering for the crisis-hit lending firm, were on Thursday remanded to six-day custody of …

IL&FS board extends deadline for claims submission to 20 June after NCLAT order
5 years, 7 months ago

IL&FS board extends deadline for claims submission to 20 June after NCLAT order

Firstpost  

IL&FS said the new board initiated a comprehensive claims management process for 70 group entities through the launch of pan-India public notices on 22 May New Delhi: The board of IL&FS has extended the deadline for submission of claims to June 20 following an order passed by the National Company Law Appellate Tribunal. In a release on Monday, IL&FS said …

IL&FS may file contempt case against nine banks for unauthorised withdrawals of about Rs 800 cr from firm's escrow accounts
5 years, 7 months ago

IL&FS may file contempt case against nine banks for unauthorised withdrawals of about Rs 800 cr from firm's escrow accounts

Firstpost  

The banks made “unauthorised auto-deduction from IL&FS escrow accounts” in the last six months towards debt recovery The board of debt-laden IL&FS is likely to file a contempt case against nine large banks including State Bank of India, Bank of Baroda, HDFC Bank for unauthorised withdrawals of about Rs 800 crore from the firm’s escrow accounts, a media report said. …

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 …

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS
5 years, 8 months ago

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS

Firstpost  

Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS Mumbai: Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to …

IL&FS resolution on track; green cos' Rs 12,000 crore debt likely to be settled by July: Corporate Affairs Secretary
5 years, 8 months ago

IL&FS resolution on track; green cos' Rs 12,000 crore debt likely to be settled by July: Corporate Affairs Secretary

Firstpost  

The board of IL&FS group, which is estimated to have a debt burden of over Rs 94,000 cr, was superseded by corporate affairs ministry in October last year New Delhi: Loan exposure worth Rs 12,000 crore of almost 55 green companies of crisis-hit IL&FS group is likely to be settled by July end, a senior government official said as he …

NCLAT allows banks to declare defaulting IL&FS accounts as NPAs
5 years, 8 months ago

NCLAT allows banks to declare defaulting IL&FS accounts as NPAs

Live Mint  

The National Company Law Appellate Tribunal on Thursday allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments. However, the appellate tribunal has also clarified that although the banks would declare the IL&FS accounts as NPAs but can not initiate recovery process and debit money. The NCLAT had in …

IL&FS group to receive first set of bids under asset monetisation process tomorrow
5 years, 9 months ago

IL&FS group to receive first set of bids under asset monetisation process tomorrow

Firstpost  

IL&FS group, which is sitting on the debt of about ₹94,000 crore debt, had decided to sell assets in various verticals New Delhi: Cash-strapped IL&FS group will receive first set of bids under asset monetisation process on Monday as part of resolution process, according to sources. IL&FS board will later consider bids for 8,000 crore renewable energy business that was …

NCLAT order on IL&FS rewards imprudence, ignorance at banks
5 years, 10 months ago

NCLAT order on IL&FS rewards imprudence, ignorance at banks

Live Mint  

As court orders go, the latest by National Company Law Appellate Tribunal on Infrastructure Leasing and Financial Services Ltd was bizarre. Second, when the order says all financial institutions, it is unclear whether they were even parties to the intervening application in which this order was passed,” said Bhargavi Zaveri, senior researcher at think tank Indira Gandhi Institute of Development …

NCLAT asks IL&FS Engineering and Construction to extend bank guarantee to NHAI
5 years, 10 months ago

NCLAT asks IL&FS Engineering and Construction to extend bank guarantee to NHAI

Live Mint  

The National Company Law Appellate Tribunal Tuesday permitted the debt ridden IL&FS and its group firm IL&FS Engineering and Construction Company to extend a bank guarantee of ₹60.29 crore issued to state-run National Highways Authority of India. A two-member bench headed by Chairman Justice S J Mukhopadhaya said it was not inclined to NHAI's plea to direct to IL&FS firm …

No lender can unilaterally tag accounts of IL&FS, group firms as NPAs: NCLAT
5 years, 10 months ago

No lender can unilaterally tag accounts of IL&FS, group firms as NPAs: NCLAT

Live Mint  

No bank or financial institution can declare the accounts of debt-ridden Infrastructure Leasing & Financial Services and its group companies as non-performing assets without National Company Law Appellate Tribunal’s permission, the appellate tribunal said on Monday. “No IL&FS or its subsidiaries’ account to be declared NPA by any financial institution without approval from NCLAT,” the appellate tribunal said. During the …

IL&FS Crisis : NCLAT Permits 22 Cos To Pay Debts; Justice D K Jain To Supervise Resolution Process [Read Order]
5 years, 11 months ago

IL&FS Crisis : NCLAT Permits 22 Cos To Pay Debts; Justice D K Jain To Supervise Resolution Process [Read Order]

Live Law  

The National Company Law Appellate Tribunal on Monday lifted morotorium over 22 companies of the debt-ridden Infrastructure Leasing &Financial Services group, permitting them to service their debt obligations.These 22 companies were classified as "Green" companies by the Ministry of Corporate Affairs, based on their repayment capacity. The National Company Law Appellate Tribunal on Monday lifted morotorium over 22 companies of …

NCLAT allows 22 IL&FS group firms to service debt obligations
5 years, 11 months ago

NCLAT allows 22 IL&FS group firms to service debt obligations

Live Mint  

The National Company Law Appellate Tribunal Monday allowed 22 companies of crisis-hit IL&FS group to service their debt obligations. Besides, a two-member bench headed by Justice S J Mukhopadhaya approved appointment of former Supreme Court judge Justice D K Jain to supervise resolution process of IL&FS group. The appellate tribunal also lifted moratorium and allows 133 IL&FS firms incorporated outside …

Govt to seek special dispensation from RBI to defer provisioning of loans to IL&FS group firms; asset monetisation gains pace
5 years, 11 months ago

Govt to seek special dispensation from RBI to defer provisioning of loans to IL&FS group firms; asset monetisation gains pace

Firstpost  

Following the crisis at IL&FS late last year that raised concerns over liquidity in the system, the corporate affairs ministry had superseded its board. New Delhi: The government will soon approach the Reserve Bank of India seeking a special dispensation for deferment of provisioning requirements for bank loans extended to some IL&FS group firms amid ongoing efforts to monetise assets …

NCLT reserves order over allowing former IL&FS directors access bank accounts
5 years, 11 months ago

NCLT reserves order over allowing former IL&FS directors access bank accounts

Live Mint  

Mumbai: Former directors of debt-laden Infrastructure Leasing and Financial Services Ltd have approached the National Company Law Tribunal to seek clarity over allowing them to operate their bank accounts. Saha, Hari Sankaran and Rupa Kapoor, wife of one of the directors Vibhav Kapoor among others sought the tribunal’s intervention to clarify that the restraining order on nine erstwhile top officials …

2 IL&FS subsidiaries seek refund of debt repaid after 15 Oct
5 years, 11 months ago

2 IL&FS subsidiaries seek refund of debt repaid after 15 Oct

Live Mint  

Mumbai: Two subsidiaries of IL&FS Transportation Networks Ltd have decided to stop debt repayments and have sought refunds of debt repaid after 15 October, India Ratings said Tuesday, warning such action would lead to a default rating and threaten infrastructure project finance using special purpose vehicles. India Ratings said the two subsidiaries wrote to their debenture trustees last week citing …

NCLAT wants IL&FS asset sales monitored by a former SC judge
6 years ago

NCLAT wants IL&FS asset sales monitored by a former SC judge

Live Mint  

New Delhi: The National Company Law Appellate Tribunal on Friday suggested that all further proceedings for the transfer of assets of debt-laden Infrastructure Leasing and Financial Services Ltd should take place under the supervision of a retired Supreme Court judge. “The appellate tribunal will suggest to the government and IL&FS to get the matter supervised by a retired Supreme Court …

More IL&FS defaults in store as subsidiaries face cash crunch
6 years, 1 month ago

More IL&FS defaults in store as subsidiaries face cash crunch

Live Mint  

Mumbai: More defaults by stressed financier Infrastructure Leasing and Financial Services and its subsidiaries are a distinct possibility as several entities within the group are facing operational cash gaps till 31 March, according to the latest progress report from the company. In the Second Report on Progress and Way Forward, submitted to the National Company Law Tribunal in Mumbai on …

NCLT Seeks Details Of Personal Assets Of Former IL&FS Executives
6 years, 1 month ago

NCLT Seeks Details Of Personal Assets Of Former IL&FS Executives

The Quint  

Three of the nine named by the Serious Frauds Investigation Office in a report prepared on 30 November were accused by the government of mismanagement at IL&FS. They are Ravi Parthasarathy, former chairman who resigned in July; Hari Sankaran, former vice-chairman and managing director; and Arun K Saha, joint managing director and chief executive officer. The other six named by …

IL&FS crisis: Group-level resolution for Rs 91,000 cr debt unlikely, Uday Kotak-led board tells NCLT
6 years, 1 month ago

IL&FS crisis: Group-level resolution for Rs 91,000 cr debt unlikely, Uday Kotak-led board tells NCLT

Firstpost  

“Based on an outreach conducted by the FTA, the initial assessment seems to indicate that currently, the group-level resolution option is unlikely to materialise,” the IL&FS board said in its second report on progress and way forward submitted to the NCLT. Mumbai: The Uday Kotak-led board of Infrastructure Leasing and Financial Services had informed the National Company Law Tribunal on …

NCLT restrains former IL&FS officials from selling assets
6 years, 1 month ago

NCLT restrains former IL&FS officials from selling assets

Live Mint  

Mumbai: The Mumbai bench of the National Company Law Tribunal on Monday allowed the government’s interim plea to restrain nine erstwhile top officials of Infrastructure Leasing and Financial Services Ltd from disposing of their personal assets. “The respondents are restrained from mortgaging, alienating, selling or creating any third party rights on their movable or immovable assets, which are fully or …

Single solution for IL&FS crisis, debt not possible, NCLT told
6 years, 1 month ago

Single solution for IL&FS crisis, debt not possible, NCLT told

Live Mint  

Mumbai: In its latest status report to the National Company Law Tribunal, the new board of Infrastructure Leasing and Financial Services has said that finding a single solution for the IL&FS crisis and its ₹ 91,000 crore of debt is not possible. The only options left, the IL&FS board said, was hiving off and selling entire business verticals to willing …

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 Transportation Networks delays Q2 results citing group co's NCLT proceedings
6 years, 1 month ago

IL&FS Transportation Networks delays Q2 results citing group co's NCLT proceedings

Firstpost  

“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 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. New Delhi: IL&FS Transportation Networks, …

IL&FS board frames new roadmap to address lenders queries
6 years, 2 months ago

IL&FS board frames new roadmap to address lenders queries

Live Mint  

New Delhi: The newly-formed board of IL&FS Tuesday informed the National Company Law Appellate Tribunal 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 and sought its …

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, …

IL&FS crisis: Govt appointed board hints at corruption by past management; to conduct special audit of key group of cos
6 years, 2 months ago

IL&FS crisis: Govt appointed board hints at corruption by past management; to conduct special audit of key group of cos

Firstpost  

The new IL&FS board pegged the total debt of the group by over Rs 3,000 crore at Rs 94,215.6 crore as of 8 October Mumbai: The Uday Kotak-led government appointed board of crippled infra lender Infrastructure Leasing and Financial Services group on Wednesday informed government and National Company Law Tribunal that it expects to complete the resolution process in stages …

Government considers putting IL&FS up for sale, among other options as it seeks to end company’s debt crisis
6 years, 2 months ago

Government considers putting IL&FS up for sale, among other options as it seeks to end company’s debt crisis

Firstpost  

The government, in a rare move, took control of IL&FS this month after the company defaulted on some of its debt, triggering fears of contagion across India’s financial system. New Delhi: The government is considering putting Infrastructure Leasing and Financial Service Ltd up for sale or divesting some of its assets as it seeks to end the company’s debt crisis, …

Cash-strapped IL&FS wants government to bail it out
6 years, 2 months ago

Cash-strapped IL&FS wants government to bail it out

Live Mint  

Mumbai: The Union government may have to bailout cash-strapped Infrastructure Leasing and Financial Services, if latest discussions between the group’s board and the government are any indication, according to three people familiar with the development. IL&FS’s plan to raise ₹ 4,500 crore through a rights issue that closed on Friday devolved, the second of the three people cited earlier said …

NCLAT stays proceedings against IL&FS, 348 subsidiaries in 'larger public interest, economy'
6 years, 2 months ago

NCLAT stays proceedings against IL&FS, 348 subsidiaries in 'larger public interest, economy'

Firstpost  

The NCLAT also directed to implead the top five lenders of IL&FS and asked to submit their replies over the government’s plea seeking 90 days moratorium. Mukhopadhaya stayed all the proceedings “taking into consideration the nature of the case, larger public interest and economy of the nation and interest of IL&FS and 348 group companies”. “In addition to providing much-needed …

House panel to find out why infra giant IL&FS collapsed
6 years, 3 months ago

House panel to find out why infra giant IL&FS collapsed

Hindustan Times  

Parliament’s standing committee on finance will review the IL&FS case that triggered widespread panic in the Indian stock markets after it defaulted on payments. IL&FS had accumulated a whopping $12.6 billion debt burden after a string of defaults, prompting the Centre to move quickly, amid a rapid fall in the sector’s stock prices, to take control of the infrastructure lending …

IL&FS misses more debt payments
6 years, 3 months ago

IL&FS misses more debt payments

Live Mint  

Mumbai/Singapore: Infrastructure Leasing & Financial Services Ltd. is missing more debt obligations, even as the Indian government pledged to prevent further defaults, underscoring the challenges its new board faces in fixing the firm’s mounting debt problems. “This amount is peanuts in the big picture, that’s how bad the situation is at the group,” said Rajiv Kochhar, chief executive officer of …

The untold tale behind government’s shock takeover of IL&FS
6 years, 3 months ago

The untold tale behind government’s shock takeover of IL&FS

Live Mint  

Mumbai: With the future stability of the Indian financial system on the line, executives running a giant infrastructure lender gathered at the company’s glassy, modernist headquarters in Mumbai and hammered out an ambitious restructuring plan last Saturday to manage a $12.6 billion debt burden after a string of defaults. Jaitley’s team on Sunday sent a confidential note to the Ministry …

Govt’s rescue of IL&FS may spell major losses for lenders
6 years, 3 months ago

Govt’s rescue of IL&FS may spell major losses for lenders

Live Mint  

New Delhi/Mumbai: The government’s move to take control of debt-laden Infrastructure Leasing and Financial Services will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters. But IL&FS had compromised on corporate governance and risk management norms, the government told the National Company Law Tribunal on Monday as it explained why it intended …

Discover Related