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Amid crisis, IL&FS takes over Collage Group's property to recover Rs 1 bn

Nomura India's latest report says the IL&FS group has a consolidated debt of Rs 910 bn

Illustration: Ajay Mohanty
Illustration: Ajay Mohanty

Financially troubled infrastructure conglomerate IL&FS is now turning to defaulters for recovering its dues. In a first, the financing arm of the company -- IL&FS Financial Services -- has issued a public notice to Delhi-based real estate construction company Collage Group to recover Rs 1 billion of unpaid dues.  IL&FS has issued a notice to take possession of 793 square yards of property belonging to Collage Group in Anand Lok, Delhi. This includes the under-construction plots, all movable/immovable fixtures and fittings -- present and future -- as part of the possession. ...