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IL&FS Group
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 ...
The CBI has registered a fresh FIR against IL&FS Transportation Network Ltd and its step-down subsidiary Spain-based Elsamex SA for allegedly misappropriating credit facilities to the tune of Rs 239 crore by cheating and diverting funds, officials said on Monday. India Exim Bank had sanctioned a credit limit of Euro 35 million to Elsamex which is also a wholly owned subsidiary of Singapore-based ITNL International Pte Ltd in 2015 for securing and executing overseas contracts. IL&FS Transportation is already facing a CBI probe for causing a loss of over Rs 6,524 crore to a Canara Bank-led consortium. In 2016, a consortium of Elsamex and ITNL won the bid for an Ethiopian project to design, manage and maintain the work of the Nekemte Bure Road upgrading project under an output and performance-based road contract. The project needed disbursal of certain mobilisation advances, which were to be secured by guarantees sanctioned by Exim Bank. So, Euro 32.60 million was allocated under
Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Thursday announced completion of 49 per cent stake sale in its Chinese road asset - Chongqing Yuhe Expressway Co Ltd (CYEC). The stake is sold to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by PingAn Insurance and China Merchants, a release from IL&FS Group said. The transaction will help the group address Rs 2,600 crore of its overall debt of close to Rs 99,000 crore (as of October 2018). The group, through its step-down Singapore-based subsidiary, ITNL International Pte Ltd (IIPL), was holding 49 per cent stake in CYEC. The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG). IL&FS has duly received Rs 1,035 crore (USD 141.3 million) in Singapore as part of this stake sale transaction, the group said in the release. The amount will be used to pay around USD 88 million of Bank of Baroda loans and the ..
The IL&FS Group on Thursday said Justice (Retd) D K Jain, who is overseeing the IL&FS resolution and divestment process, has granted approval for the sale of its education business, Schoolnet India Ltd, to Career Point Publications Pvt Ltd (CPPPL). Jain approved sale of education business on the conditions that IL&FS shall place the proposal before the NCLT for its approval; and the bid amount, so realised, will be kept in an escrow account to be disbursed in accordance with the directions of the NCLT and the National Company Law Appellate Tribunal (NCLAT). The IL&FS Group has already received approval from the committee of creditors to sell its education business to CPPPL and will now approach the National Company Law Tribunal (NCLT) for final approval to conclude the transaction. This transaction, on completion, would resolve nearly Rs 600-crore debt of IL&FS Group. CPPPL, part of the Career Point Group, had emerged as the highest bidder for acquiring IL&FS' .