Il&fs Crisis

The IL&FS Group on Monday said the company has initiated Rs 5,000 crore interim payout to eligible creditors as part of its ongoing resolution mandate. Post this payout, the company said that the aggregate debt discharged will stand at approximately Rs 43,000 crore, which is over 70 per cent of the estimated total debt resolution target pegged at Rs 61,000 crore. "IL&FS Group companies have initiated an interim distribution of Rs 5,000 crore Rs 3,500 crore of Infrastructure Investment Trust (InvIT) units and Rs 1,500 crore in cash to eligible creditors as part of the Group's ongoing resolution efforts," the statement said. The interim distribution is largely being initiated by three holding companies -- Infrastructure Leasing and Financial Services (IL&FS), IL&FS Financial Services (IFIN), and IL&FS Transportation Networks (ITNL) -- that collectively hold the majority of the Group's debt and nests large creditors and public funds. Some of the Banks and ...

Parthasarathy was suffering from cancer and had been hospitalised in Mumbai since last November

With this, the firm exits technology business altogether; deal forms part of overall IL&FS Group resolution estimate of Rs 61,000 cr

The National Company Law Tribunal has approved state-owned gas utility GAIL (India) Ltd's acquisition of bankrupt Infrastructure Leasing and Financial Services' 26 per cent stake in ONGC Tripura Power Company (OTPC), GAIL said on Friday. OTPC is a special purpose vehicle between Oil and Natural Gas Corporation (ONGC), IL&FS Group and Government of Tripura (GoT) for setting up of a 726.6 MW combined cycle gas turbine (CCGT) thermal power plant at Palatana, Tripura. ONGC holds 50 per cent interest in the company in the project that supplies electricity to the northeastern states. Tripura government holds 0.5 per cent while India Infrastructure Fund II holds the balance 23.5 per cent stake. "NCLT has granted approval for the acquisition of 26 per cent equity stake of Infrastructure Leasing & Financial Services (IL&FS) Group by GAIL (India) Ltd in OTPC," GAIL said in a stock exchange filing. The stake, it said, is being acquired from IL&FS Group companies namely IL&FS .

Despite demands of action by the councillors of the Municipal Corporation of Gurugram (MCG) against IL&FS (the concessionaire for handling C&D waste) for flouting MCG norms during the house meeting held on July 30 and despite Mayor Madhu Azad who had also ordered an inquiry, the MCG officials have yet to take any action against the firm.

IL&FS said that the eligible applicants have to submit the RFP by 6 pm, August 30, 2021

A stretched rescue process reveals critical deficiencies in India Inc's corporate layering and resolution mechanism worsened by the pandemic

Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has addressed aggregate group debt of Rs 43,000 crore so far and expects to cross Rs 51,000 crore by September 2021.

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Reports suggest a potential recovery of 35 per cent from the bid process compared to an average recovery of seven per cent

The repayments by IL&FS Solar also cover tax and statutory dues

In view of the pandemic, and also in order to maintain adequate liquidity, NBFCs increased their cash and bank balances significantly during the year, RBI report said

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Process of inviting bids to start next week for sale in cash; loans to over 70 companies have turned bad

It has the potential to heighten the liquidity risks the sector is already facing after the IL&FS debacle, FSR said

The group has shared its estimates of debt to be addressed over the next three quarters

While bank credit to NBFCs has seen a rise of 30 per cent year on year, credit has mostly flown into larger NBFCs with good parentage and ones with better ALM positions.