Page 2 - Il&fs Crisis

IL&FS exit a big boost for Gift City

The infrastructure is ready. Right regulations and tax regime are a must for its success as an international finance centre

Crisis-hit IL&FS plans to divest its 26% stake in OTPC, invites bidding

In terms of eligibility for bidding, corporate bodies should have a minimum net worth of Rs 150 crore as per the audited balance sheet as of March 31, 2019 or later

Substantial recovery likely against IL&FS Rs 94k cr debt: Injeti Srinivas

The NCLAT has approved the entire proposal of the government, which is in the "final stages of resolution"

We need better supervision and not excessive regulations: Sanjeev Sanyal

In the paper, titled 'Risk vs Uncertainty: Supervision, Governance & Skin-in-the-Game', Sanyal has argued that a conventional top-down approach of regulation is the go-to solution for governments

IL&FS to seek lenders' approval for road asset sales through e-voting

The bid validity for five projects is set to expire on February 29

Govt seeks 270 days more to complete resolution for 105 IL&FS group firms

The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete resolution process of 105 IL&FS group companies. The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from moratorium, so that they can discharge their debt obligations. Certain protection and reliefs were granted to the 55 entities through an order passed by the National Company Law Appellate Tribunal (NCLAT) on October 15, 2018. In addition to the 55 entities, the ministry has also asked the NCLAT to release nine companies from the scope and operation of the October 2018 order, according to an affidavit filed by the ministry with the appellate tribunal. Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy, Kaze Energy, Jharkhand e-Governance solutions Services and Infrastructure Development Corporation of Assam are the nine companies. "For the remaining .

IL&FS gets approval for claims towards Rs 2,700 crore stalled road projects

The NHAI Conciliation Committee recently approved a claim for approximately Rs 707 crore for the ILFS-Fagne Songadh Expressway Limited project

Economic Survey launches 'Health Score' to detect liquidity issues in NBFCs

The Economic Survey on Friday unveiled an early-warning system, 'Health Score', that could read signs of impending rollover risk problems in the non-banking finance sector. The IL&FS crisis following debt defaults in 2018 had led to a contagion in the domestic non-banking financial company (NBFCs) sector. The 'Health Score', developed for NBFC and housing finance company (HFCs) sectors, can help detect early-warning signals of impending liquidity problems facing the companies in the sectors. The Survey, presented in Parliament by Finance Minister Nirmala Sitharaman on Friday, said the Health Score could be used to provide early warning signals of impending rollover risk problems in the NBFC sector and help set prudential threshold of permitted funding to the sector. A sudden payment default without any prior warning by Infrastructure Leasing and Financial Services (IL&FS) in August 2018 had triggered panic and caused liquidity crisis in the NBFC sector. Quoting the recent ...

Top 10 biz headlines: India Inc gets legal relief, OYO's coffee plan & more

From criminal offences in the Companies Act being slated to be slashed to banks possibly taking a majority stake in DHFL, here are the top business headlines for Monday

IL&FS case: Sebi may inflict more wounds on raters, increase penalty

Sources said the settlement amount could be revised up to four times upwards

IFIN reports net loss of Rs 13,272 cr in FY19, net revenue down by 87.22%

96% of loans disbursed are non-performing

How India's economy came back down to earth in just a year's time

India may yet reclaim its mantle as the next big thing, albeit a toned-down and more durable version

Liquidity crunch is mostly behind us, says Tata Sons' N Chandrasekran

Chandrasekran said the goods and services tax (GST) regime and the Insolvency and Bankruptcy Code (IBC) are historic decisions.

Stung by the cash crunch, India's top shadow banks find respite overseas

The industry has been reeling from a crisis triggered by the shock collapse of financier IL&FS Group last year, which has been followed by more failures

Bangalore Elevated Tollway awarded Rs 492 cr towards claim against NHAI

IL&FS Engineering and Construction said on Thursday that Bangalore Elevated Tollway Pvt Ltd (BETPL) has been awarded an amount of Rs 492 crore towards claim filed by the company against the National Highways Authority of India (NHAI). IL&FS Engineering and Construction Company Ltd, an IL&FS group company, has 24 per cent stake in BETPL. IL&FS in a statement said it is entitled to about Rs 118 crore from the total claim awarded by the arbitration tribunal. BETPL is a special purpose vehicle (SPV) promoted for the development of four-lane elevated and six-lane road from Silk Board Junction to Attibele in Bengaluru. NHAI had awarded the project to BETPL on a built-operate-transfer (toll) basis in January 2006. The scope of project involved construction of a four-lane elevated highway. "BETPL had filed a claim against the NHAI in the tribunal as per the terms of the contract pertaining to matters related to additional cost incurred due to extension of construction period ..

Loans sanctioned by NBFC sector drops 34% in Q2, personal loans see uptick

Housing, commercial vehicle and term loans fall 23-85% in the September quarter; gold loan reports growth

After long wait, National Financial Reporting Authority gets own address

After camping in make-shift offices, it shifted to a upmarket central Delhi building just a few months ago that was previously the office of the Competition Commission of India

Best of BS Opinion: Maharashtra political drama, IL&FS collapse, and more

Here's a selection of opinion pieces from today's Business Standard

IL&FS was a Lehman-like moment

Now that the consequences of the collapse of IL&FS are before us, the question worth asking is: Was the decision to let IL&FS fail a policy blunder as the Lehman decision was?

PE/VC firms invested over $2 bn in NBFCs, despite IL&FS crisis of 2018

According to Venture Intelligence data, this year's total come from 33 deals; there were 37 in 2018