MEDIA RELEASE & COVERAGE

Mumbai: The Committee of Creditors for IL&FS Tamil Nadu Power Company (ITPCL), a consortium of 17 banks led by Punjab National Bank, have turned down a proposal from the National Asset Reconstruction Co (NARCL) to acquire the debt of ₹9,000 crore and is moving ahead with a debt restructuring plan.

The IL&FS board has put the group’s custody and depository business, IL&FS Securities Services (ISSL), on the block almost five years after IndusInd Bank pulled out of a deal to acquire the entity following the collapse of the infrastructure financier in September 2018. Unlike last time, however, bidders can either bid for the custody business or the depository (brokerage) business separately or both together, a document seeking expressions of interest (EOI) showed. ISSL is a rare non-bank custodian that holds financial securities like stocks, bonds or gold for safekeeping. It also has a separate depository licence that allows it to offer brokerage services.

IFCI is in the process of selling a rupee term loan of the Barwa Adda Expressway project aiming to recover45% of the debt. The lender has put up the Rs 290 crore debt for sale, with a reserve price of Rs 130 crore based on a binding offer from Asset Care & Reconstruction Enterprise Limited (ACRE) ARC. This offer has the backing of Neo Asset Management and is exclusively on a cash basis. Currently, there are three contenders vying to acquire this debt, including Prudent ARC and Asset Reconstruction Company India (ARCIL) other than ACRE ARC with Neo Asset Management.

IL&FS Engineering and Construction Company plans to redeem its optionally convertible redeemable preference shares and non-convertible shares and reduce debt by more than Rs. 300 crore following the sale of its Bangalore Elevated Tollway to private equity firm KKR. Private equity firm KKR completed the acquisition of a 100% stake in Bangalore Elevated Tollway (BETPL) at an enterprise value of Rs 545 crore. Galaxy II, a wholly owned subsidiary of Galaxy Investments, which is itself owned by KKR Asia Pacific Infrastructure Holdings, closed the acquisition last week, a source said. The move follows an unsolicited binding offer submitted by Galaxy II for the complete interest of IL&FS’ stake in BETPL. This offer included the acquisition of BETPL sale shares and the redemption of other securities.

The Income Tax Appellate Tribunal (ITAT) has given a Rs 16,000-crore relief to the beleaguered IL&FS arm Noida Toll Bridge Company - the special purpose vehicle that built and runs the Delhi-Noida Direct Flyway - dismissing the enhancement, merits of addition and reopening of the assessment by the tax department.

Observing that the reassessment proceedings are 'nothing short of a travesty of justice and can be termed as harassment to the taxpayer', the income tax appellate tribunal (ITAT)'s New Delhi E bench quashed nearly a Rs16,000 crore tax demand raised on Noida Toll Bridge Company Ltd, a group company of Infrastructure Leasing & Financial Services Ltd (IL&FS). In this case, the commissioner of income-tax (I-T) for appeals (CIT (A)) had observed that he does not have the power to adjudicate the validity of reassessment proceedings while referring to a judgement by the Supreme Court in the case of GK Drive Shaft 259 ITR 19, which ruled that reassessment proceedings can be challenged only by way of a writ petition

The Noida Toll Bridge Company Ltd (NTBCL), which maintains the DND Flyway, has initiated repair work on the pothole-riddled link road ahead of the G20 Summit, scheduled this September. Delegates attending the international summit will use the flyway to commute between the two NCR cities, where the events will take place.

The Rs 9,000 crore debt resolution of IL&FS Tamil Nadu Power Company (ITPCL) has been deadlocked with lenders demanding the distribution of cash with the company before a restructuring plan can be implemented. Although the broad contours of a restructuring plan have been agreed upon, its implementation hinges on approval from individual lenders as well as the National Company Law Appellate Tribunal (NCLAT), people familiar with the matter said. ITPCL is a special purpose vehicle promoted by IL&FS, with a 3,180 MW coal-based thermal power plant at Cuddalore in Tamil Nadu. The company is currently operating a 1,200 MW (2x600 MW) capacity. If resolved, this will be one of the largest accounts of the infrastructure and finance company which collapsed in September 2018.

The sale of IL&FS Paradip Refinery Water to IndianOil Adani Ventures, a deal worth Rs 600 crore, has hit a roadblock with the state-owned refiner Indian Oil Corporation (IOC) delaying the consent, raising concerns about the timely completion of the sale. The IL&FS board is planning to approach the National Company Law Appellate Tribunal (NCLAT) to proceed with the sale without IOC's consent. This is the second time the sale of this distressed asset has encountered obstacles, following a Morgan Stanley-run fund's withdrawal from a deal to purchase it a year ago.

The Noida Toll Bridge Company Ltd (NTBCL), which maintains the DND Flyway, has decided to spend Rs 6 crore for "immediate" repair of the crucial link between the two cities, saying it was doing so "in national interest". It intends to finish the work before the G20 summit in September. Delegates attending the G20 will take the DND to travel between Delhi and Noida, which will host a number of events. But the 20-year-old, 9.2km road has been lying in disrepair for years over paucity in funds. The road is riddled with potholes at some places while it is uneven in certain areas. The sidewalks also are broken at most spots.

It is not unusual for construction workers excavating sites to stumble on ruins or even dinosaur fossils in certain parts of the world. In India excavation of construction sites is likely to throw up the bones of infrastructure companies and non-banking finance companies (NBFCs) that financed them, which were nearly driven to extinction during the pandemic. The death of small infrastructure companies is a tragedy, but when infrastructure finance companies (IFCs) die, they create horror stories, rising from the dead to haunt and blight the present missing infra lenders starve the sector of funds, killing private activity in the sector. Infrastructure credit rose1.7% in April, after falling 0.7% in the previous month, when the government hopes to revive growth on the strength of investment in infrastructure.

Lenders and the management of IL&FS Transportation Networks (ITNL) are at loggerheads over the future of certain road assets. The lenders see value in selling the assets while ITNL wants a resolution by floating an infrastructure investment trust (InvIT). A focal point of contention is the Barwa Adda Expressway (BAEL) that has outstanding senior loans amounting to Rs 1,269 crore.

Crisis-hit infrastructure finance firm IL&FS has paid a total debt of Rs 28,848 crore as of March 31, 2023, according to the latest affidavit filed before the insolvency appellate tribunal NCLAT earlier this week. The group has resolved debts through monetisation and termination/settlement of payments by its group entities from the concessioning authorities and counter-party to the relevant contract. "As on March 31, 2023, the debt resolved through such monetisation and termination measures aggregates to Rs 17,894 crores," said the status update report filed before the National Company Law Appellate Tribunal (NCLAT) by the company.

NCP’s state president Jayant Patil spent around nine hours on Monday in the Enforcement Directorate (ED) office after being summoned in a money laundering case connected to Infrastructure Leasing & Financial Services Ltd (IL&FS) Group companies.

A day after HT reported on the dumping of construction and demolition (C&D) waste in at least 20 areas across the city, the Municipal Corporation of Gurugram (MCG) formed teams to map the areas and removed the waste from several spots, said officials. MCG officials said they held a meeting with the private agency responsible for picking up the C&D waste and have directed their teams to penalise the erring vehicles

IL&FS has completed transfer of its fifth road asset - Pune Sholapur Road Development Company Limited (PSRDCL) - to Roadstar Infra Investment Trust (Invit) as part its debt resolution strategy. With this transfer, secured lenders of this asset will get full recovery of their dues under the Invit structure while the group lenders will be issued Invit units as settlements for their loans, IL&FS said in a statement.

Promoters of McLeod Russel India and part of the Brij Mohan Khaitan group, have reached an out-of-court settlement with IL&FS Infrastructure Debt Fund, according to sources. An application for withdrawal from the corporate insolvency resolution process has been filed with the Kolkata Bench of NCLT by an interim resolution professional.

Williamson Magor group firm McLeod Russel, the erstwhile largest bulk tea producer in the country, is likely to come out of the Insolvency and Bankruptcy Code (IBC) for the second time. It has filed an application in the National Company Law Appellate Tribunal (NCLAT) under Section 12A for out-of-court settlement with IL&FS. The case is likely to be heard on Friday. If the deal got NCLAT nod, it would be a big relief for the tea producer.

The promoters of McLeod Russel India, India’s largest bulk tea producer, are closing in on an out-of-court settlement with IL&FS Infrastructure Debt Fund to avoid insolvency proceeding against the company. The Khaitan family of Calcutta, the promoters of McLeod, have been in negotiations with IL&FS ever since the tea planter was admitted to the corporate insolvency resolution process (CIRP) by the Calcutta bench of the National Company Law Tribunal on February 10.

The Supreme Court on Wednesday allowed the Serious Fraud Investigation Office (SFIO) to resume criminal proceedings against former auditors of IL&FS Financial Services —BSR & Associates LLC and Deloitte Haskins and Sells LLP — for their alleged role in financial irregularities at the firm. It also directed the National Company Law Tribunal (NCLT) to decide the government’s plea seeking a five-year ban on the auditors for failing to red-flag problems at the lender

In a setback to BSR & Associates LLC (BSR) — a KPMG India affiliate — and Deloitte Haskins and Sells (Deloitte), both former auditors of IL&FS Financial Services (IL&FS Financial), the Supreme Court (SC) on Wednesday set aside the Bombay High Court (HC) order to quash all prosecution against the two firms pending before the National Company Law Tribunal (NCLT) and a special court in Mumbai.

Bulk tea major McLeod B Russel India Ltd and IL&FS are currently engaged in negotiations towards an out-of-court settlement, which is expected to be reached within the next two weeks. The Brij Mohan Khaitan group company is attempting to avoid insolvency through an out-of-court settlement. IL&FS Infra Asset Management is an asset management company which manages IL&FS Infrastructure Debt Fund and IIDF is a financial creditor of McLeod.

The IL&FS Group has completed an interim distribution payout of Rs 920 crore to senior secured creditors ahead of the proposed debt restructuring of its subsidiary, Chenani Nashri Tunnel way (CNTL). The secured debt of CNTL amounts to approximately Rs 5,257 crore .

IL&FS Group has so far paid back Rs 29,000 crore to secured creditors, with the latest being an interim pay-out of Rs 920 crore for the Chenani Nashri Tunnelway, a subsidiary of IL&FS Transportation Network. Chenani Nashri Tunnelway (CNTL) had a secured debt of around Rs 5,500 crore and the interim payout takes the total to Rs 6,019 crore in fiscal 2023.

IL&FS Group has completed an Interim Distribution pay-out of Rs 920 crore in Chenani Nashri Tunnelway Limited (CNTL), a subsidiary of IL&FS Transportation Network Limited (ITNL), an IL&FS Group company. As part of this Interim Distribution, IL&FS Group has paid a total of Rs 920 crore to eligible senior secured creditors of CNTL. The interim distribution has been made ahead of the proposed debt restructuring of CNTL and will be followed by the contemplated transfer of the company to the InvIT - subject to the outcome of pending legal proceedings and requisite approvals.

Bulk tea major McLeod Russel and an IL&FS arm have initiated discussion for an out- of- court settlement, which might see the tea producer coming out of CIRP (corporate insolvency resolution process). The National Company Law Appellate Tribunal (NCLAT) has fixed the date of next hearing on May 9 by which both the parties have to try for a settlement.

Kotak Mahindra Bank CEO Uday Kotak has called for a relook at the financial sector resolution process. He tweeted “NBFC resolution RCap, Srei experience signal poor recovery below liquidation value for creditors. The NCLT process is also tardy whether IBC or otherwise. In IL&FS too while recovery ratio is better, legal process takes long.

Mortgage lender HDFC is contemplating approaching the Supreme Court to challenge a decision by the National Company Appellate Tribunal NCLAT allowing the sale of the IL&FS headquarters in Mumbai to Brookfield, a Canadian investor. NCLAT had turned down HDFC’s appeal for a stay on the sale of the property located in the Bandra Kurla Complex, which is regarded as one of the prime locations in Mumbai’s business district. IL&FS had been permitted to sell the property after the infrastructure lending firm went bust in India’s biggest ever bankruptcy.

The National Company Law Appellate Tribunal (NCLAT) rejected a Housing Development Finance Corp (HDFC) appeal to stay the sale of IL&FS’ headquarters in Mumbai’s Bandra Kurla Complex to a Brookfield affiliate, two sources told ET. A two-judge bench of Justice Ashok Bhushan and Dr Alok Srivastava dismissed the appeal by the leading mortgage finance lender in an order dated February 28.

The National Company Law Appellate Tribunal (NCLAT) has asked the interim resolution professional (IRP) of ailing tea major McLeod Russel not to take further steps in the corporate insolvency resolution process (CIRP) till the next hearing. The next hearing is scheduled on March 27 this year. Aditya Khaitan, the erstwhile chairman of the tea major, went to NCLAT challenging the National Company Law Tribunal (NCLT) order passed earlier this month. However, NCLAT has also said that the corporate debtor (McLeod) shall be run as a going concern, including the day-to-day operations.

The Supreme Court has permitted IL&FS Tamil Nadu Power Co to continue operating its plants as their closure would adversely affect the power deficient state. The central government-controlled company, which has been running since September 2015 in Tamil Nadu, operates two imported coal- based thermal power plants of 600MW each, which supply power to approximately 4 million households. The power plants are in Chidambaram taluk of Cuddalore district.

Aditya Khaitan, an erstwhile promoter of tea major McLeod Russel, has moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT’s order admitting the company for the corporate insolvency resolution process (CIRP). The Kolkata bench of the National Company Law Tribunal (NCLT) on February 10 admitted IL&FS Infrastructure Debt Fund's insolvency petition for initiating the CIRP against McLeod Russel India, the country's largest tea producer. IL&FS Infra Asset Management, an asset management company, manages IL&FS Infrastructure Debt Fund (IIDF). IIDF, a financial creditor to McLeod, filed the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) for default in payment of Rs 347.47 crore as on November 12, 2019.

Infrastructure Leasing and Financial Services (IL&FS) Group on Monday said it has initiated an interim distribution payout of Rs 3,200 crore in IL&FS Financial Services Ltd (IFIN). Of the total Rs 3,200 crore, around Rs 2,250 crore is being paid to a combination of 28 public sector units, private and foreign banks.

IL&FS will distribute Rs 3,200 crore in the coming days to creditors of IL&FS Financial Services (IFIN). This is the largest interim distribution till date and will take the total cash payout to nearly Rs 5,100 crore. The IL&FS board has said that the total debt resolved so far is around Rs 57,000 crore. The interim distribution comprises the cash realised by the company.

IL&FS Group, in its largest interim distribution pay out till date, will pay Rs 3,200 crore to the creditors of IL&FS Financial Services Limited (IFIN). The payout process has been initiated from Monday and will be completed over the next few weeks. The IL&FS Group would also pay back another Rs1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said in a statement on Monday.

IL&FS Group has initiated its largest payout till date in IL&FS Financial Services Ltd to the tune of Rs 3, 200 crore to eligible creditors. The distribution is being done as per the NCLAT approved Revised Distribution Framework.

IL&FS Financial Services’ creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018. The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5, 100 crore, it said on Monday.

Infrastructure Leasing & Financial Services IL&FS has initiated an interim distribution payout of Rs 3,200 crore in group company IL&FS Financial Services (IFIN) to creditors, the highest till date. The group has already paid Rs 1, 900 crore for two other firms — Rapid Metro Gurgaon ( RMGL) and Rapid Metrorail Gurgaon South (RMGSL) — taking the total payout to Rs 5,100 crore in these three companies including IFIN.

IL&FS Group has initiated its largest Interim Distribution pay-out till date - in IL&FS Financial Services Limited (IFIN), an IL&FS Group company. As part of the interim distribution, IL&FS Group will be paying a total of Rs 3,200 crore to IFIN eligible creditors, that is being distributed in accordance with the NCLAT approved Revised Distribution Framework. Of the total of Rs 3,200 crore – approx. Rs 2,250 crore is being paid to a combination of 28 PSU, Private and Foreign banks and approx. Rs 950 crore to over 500 public debenture holders, public funds (including EPFO, Army Group Insurance etc) and others. This is the first interim distribution that will be completed for a vertical holding company under the IL&FS Group.

IL&FS Group on Monday said that it has initiated an interim distribution pay-out of Rs 3,200 crore in IL&FS Financial Services Ltd (IFIN). This is the group's largest ever interim distribution pay-out, it said in a media release.

IL&FS has completed Interim Distribution pay-out for Rapid MetroRail Gurgaon South Limited (RMGSL), an IL&FS Group company. The Group has paid a total of Rs 1,273 crore, of which Rs 1,252 crore has been paid to the secured financial creditors, for RMGSL. The total claims of secured financial creditors –including Canara Bank, Union Bank, Central Bank, Punjab & Sind Bank and India International Finance Company Limited (UK) – in RMGSL was Rs 1,546 crore.

In second payout from defunct Infrastructure Leasing & Financial Services (IL&FS) a clutch of lenders led by Canara Bank have received close to Rs 1,300 crore out of their dues totalling Rs 1,500 crore.

The DND Flyway remains dotted with potholes, and its bitumen layer has crumbled at many places, including at the toll plaza and loops, as the road that needs a resurfacing survives from one round of patchwork to another. Workers are engaged in repairing potholes on the Noida to Sarai Kale Khan stretch and the Sarai Kale Khan to Noida stretch. The loop connecting the Film City road to the DND will be next. But the commuting relief this will provide will only likely be shortlived, like the previous repairs.

The new board of IL&FS proposes to list Roadstar Infra Investment Trust after completion of transfers of all planned road special purpose vehicles The transfer of nine SPVs will address a total debt of over Rs 6,800 crore across them .

IL&FS on Wednesday said that it has transferred two more road projects — Hazaribagh Ranchi Expressway and Thiruvananthapuram Road Development Company — to Roadstar Infra Investment Trust at an enterprise value of Rs 979 crore. The infrastructure sector finance firm, which went under insolvency in September 2018, still has four more road special purpose vehicles with an aggregate enterprise value of Rs 5,274 crore.

Infrastructure Leasing & Financial Services (IL&FS) has told the appellate bankruptcy tribunal that the recast of the accounts of IL&FS Transportation Networks India (ITNL) has been delayed because the accountant and the auditor for the exercise have yet to agree on the new financial statements. IL&FS had defaulted on payments in 2018. The financial crisis at the non-bank finance group came to light in July that year, when its roads subsidiary ITNL reported difficulties in making repayments due on bonds.

Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has resolved debt of up to Rs 56,943 crore as of September 30, an increase from Rs 55,000 crore in March, through monetisation of various assets. The debt addressed represents over 93% of the overall estimated resolution value of Rs 61 000 crore. Of the 347 entities under IL&FS Group as of October 2018, a total of 246 entities stand resolved, with debts of 101 entities (88 domestic and 13 offshore) still to be resolved, IL&FS said in an affidavit filed with the National Company Law Appellate Tribunal (NCLAT).

Infrastructure Leasing & Financial Services (IL&FS) had resolved debt worth Rs 56,943 crore as of September 2022, the infra lender, which collapsed in 2018, has told the National Company Law Appellate Tribunal (NCLAT) in an affidavit. The amount addressed is almost 93 per cent of the total estimated debt that the firm had said it would resolve. IL&FS has to resolve a debt 0f Rs 61,000 crore from an outstanding amount of Rs 99,355 crore as of October 2018.

Infrastructure finance firm IL&FS said it has resolved its debt of up to Rs 56,943 crore by September 30, 2022 through monetisation of various assets and reduced the number of entities to 101 from 302. The debt-ridden firm informed about the progress made in the ongoing resolution process till September 30, 2022 in an affidavit filed before the National Company Law Appellate Tribunal (NCLAT).

Infrastructure finance firm IL&FS said it has resolved its debt of up to Rs 56,943 crore by September 30, 2022 through monetisation of various assets and reduced the number of entities to 101 from 302. The debt-ridden firm informed about the progress made in the ongoing resolution process till September 30, 2022 in an affidavit filed before the National Company Law Appellate Tribunal (NCLAT).

Infrastructure Leasing & Financial Services (IL&FS) has resolved its debt of nearly Rs 57,000 crore by September 30 2022 through monetisation of various assets. Of the 347 entities under IL&FS group as of October 2018, 246 entities were resolved leaving 101 entities — 88 domestic and 13 offshore — to be resolved, IL&FS said. IL&FS has addressed Rs 56,943 crore debt in its ongoing resolution efforts till September 30, 2022, up from Rs 55,000 crore debt updated in March, this year.

The government has fulfilled guarantees extended to IL&FS by repaying the Asian Development Bank (ADB) and German state-owned lender KfW the equivalent of Rs 1,109 crore and Rs 29 crore respectively. The loans were guaranteed by the government, which has now stepped into the shoes of the lenders and joined the ranks of IL&FS creditors.

The low recovery rate for creditors suggests IBC needs to be far more effective; the IL&FS solution is worth a look. Kotak Mahindra Bank vice chairman and managing director Uday Kotak’s observation that a public interest board mechanism be considered for certain cases under the Insolvency and Bankruptcy Code (IBC) need to be heeded. In a media interview, Kotak has pointed out that group resolutions via the corporate insolvency resolution (CIRP) have resulted in a low recovery rate for creditors, bringing them disproportionate pain. Moreover, resolutions for bankrupt non-banking finance companies, too, have attracted bids that are far smaller than the liquidation value. There is no doubt that in a small market, in which asset restructuring companies have limited resources, prices of assets have been beaten down due to a dearth of buyers. As Kotak said, the IBC is a fine piece of legislation but needs to be far more effective—a recovery rate of below 30% suggests it is not. So while staying within the basic tenets of the law, a public interest board for cases where the debt is more than Rs 25,000 crore could be looked at. .

Kotak Mahindra Vice Chairman and Managing Director Uday Kotak was bang on when he said in a recent media interview that there should be a rethink on the group resolution mechanism under the Insolvency and Bankruptcy Code that is yielding a resolution value of around 20 30%. Policymakers should listen to Kotak as he has walked the talk. Sample this : Under his chairmanship at the Infrastructure Leasing and Financial Services (IL&FS), the resolution process raked in 62% of the Rs 99,000 crore owed to banks, mutual funds, pension funds and others..

Rules governing the Indian financial sector need to be rewritten to realise the economy’s growth potential, said Kotak Mahindra Bank managing director Uday Kotak. Domestic banks are losing out to global rivals without the leeway to build scale and the inability to underwrite riskier credit due to poor recoveries from bankrupt companies, he said in an interview. India is well placed to upstage China on the global platform with the banking industry at a “Cinderella” moment that provides scope for expanding loans to deleveraged corporates, he said. “Indian banks are losing big time to international banks,” Kotak said. “As a banker,with adequate margin, I would have been very comfortable to lend against the security of Ambuja Cements and ACC shares ” he said, referring to Adani’s buyout of the companies from Holcim.

Unsecured creditors in Infrastructure Leasing & Financial Services (IL&FS) could recover 10-20% of their investments of over Rs 10 000 crore. Among these creditors are private sector provident and pension funds of companies like Infosys, Tata Power and Lupin. Government owned Food Corporation of India, State Bank of India, Indian Oil Corporation and Army pension funds like the Army Group Insurance Fund had also invested in non-convertible debentures of IL&FS. Around Rs 16,360 crore including Rs 11, 295 crore cash and Rs 5,065 crore InvIT units — is now available across the IL&FS Group. The new board’s proposal of interim dividend payouts across group firms including holdcos, without waiting for a final resolution was approved by the National Company Law Appellate Tribunal (NCLAT) in May..

IL&FS has commenced Interim Distribution pay-out with Rapid Metro Gurgaon Rail Ltd (RMGL), an IL&FS Group company. The Group has completed distribution of Rs 623.38 Crores, on an interim basis, to the secured lenders/secured financial creditors of RMGL comprising Union Bank of India, Bank of India, Indian Bank, Punjab & Sind Bank, UCO Bank, Bank of Baroda, Punjab National Bank and Indian Overseas Bank. The total claims of these lenders was Rs 715 Crores. This distribution on an interim basis, thus, translates in a recovery of around 83 per cent to these creditors.

The special Prevention of Money Laundering Act PMLA court has closed the money laundering proceedings against former chairman of Infrastructure Leasing & Financial Services (IL&FS), Ravi Parthasarathy, after the court was informed about his death. However, the enforcement directorate ED strenuously opposed the plea for declaring the case against him to be abated. Parthasarathy s lawyer on Monday informed the court about his death in April this year and pleaded to drop the proceedings against him. The court had then sought a reply from the ED. The ED had opposed the plea claiming that the proceedings against Parthasarathy could not be dropped in view of the charge of criminal conspiracy related to the proceeds of crime levelled against him and others and in view of the glaring facts showing how the proceeds were generated layered integrated in regular business transactions. The court however discarded the ED's objection observing that the simple answer from the ED was expected whether the trial should continue by abating it to the extent of the deceased accused but the ED contended that said application has to be rejected

Infrastructure Leasing and Financial Services Ltd (IL&FS) Tuesday said G Mahalingam and Deepak Mohanty have been inducted on its board as non executive directors, effective October 15, 2022. Mahalingam has served as executive director of RBI and whole time director of Sebi. Mohanty was executive director of RBI

The ministry of corporate affairs MCA has nominated two directors - G Mahalingam and Deepak Mohanty - on the board of IL&FS.

The Ministry of Corporate Affairs (MCA) has nominated two directors - G Mahalingam and Deepak Mohanty - on the board of IL&FS. The appointment of these two directors has been approved by both the MCA and National Company Law Tribunal.

The National Company Law Tribunal (NCLT) has approved the sale of infra lender IL&FS' headquarters, a 10-storey iconic property in Mumbai's business district Bandra-Kurla Complex (BKC), to global alternative investment major Brookfield Asset Management. Brookfield's affiliate firm Chronos Properties has emerged as the successful bidder to acquire the marquee property for over Rs 1,080 crore. IL&FS has already received 10 % of the total consideration and the deal may be concluded in FY23.

Since toll was scrapped on the 9 2km DND Flyway which connects Noida's Sector 15A to Delhi's Maharani Bagh, the road bridge has been conspicuously losing its sheen and showing signs of falling into neglect. The flyway is now riddled with craters on both the Delhi and Noida sides The recent spell of rain has washed away the bitumen layer, leaving the road that has not been resurfaced for a long time pockmarked with rough patches

There have been major board-level changes at Infrastructure Leasing and Financial Services (IL&FS) with G C Chaturvedi stepping down from the Board and Nand Kishore being appointed MD. C S Rajan,the former CMD, will now be the non-executive chairman. The changes come six months after Uday Kotak, who was originally appointed by the government to oversee the resolution, stepped down from the board. With the group's resolution not complete, the government may appoint new members to the Board

After a moratorium of over three years, IL&FS lenders will receive an estimated Rs 16,361 crore in the third quarter from the proceeds of the resolution of 191 special purpose vehicles (SPVs), said two people with knowledge of the matter. Alvarez & Marsal and Grant Thornton are advising IL&FS on the bank-wise distribution of the proceeds from the recoveries. IL&FS had informed lenders last week that proceeds would be distributed in the third quarter as against the initial plan of this being done in the second quarter, said one of the persons cited above.

Noida Toll Bridge Company Ltd., a Special Purpose Vehicle formed to build, own operate and transfer the DND flyway is seeking Rs 100 crores to undertake major repairs on the crucial link road between Noida and Delhi. The issue plaguing India's first eight lane access control highway is the lack of any defined sources of income with revenue drying up following adverse positioning by state government departments in Delhi and Noida. Toll collection on the DND flyway from commuters had been stopped in October 2016 after an Allahabad High Court order found two provisions relating to levy and collection of fee in the concession agreement to be inoperative.

Aditya Birla Sun Life Mutual Fund has exited loss-making IL&FS group-promoted Jharkhand Road Projects Implementation Company (JRPICL). It has sold its entire exposure to Edelweiss Alternative Assets Advisor Fund at a 24% discount, said three people aware of the development.The Edelweiss fund on July 12 purchased Rs 900 crore non-convertible debentures (NCDs) from Aditya Birla Sun Life MF and a Singapore fund, whom the MF had advised.

IL&FS has sold the 33.3% stake it held in a 44MW bagasse-based power generation plant to a Warana sugar cooperative, which holds a majority stake in the company The infra group has also sold its energy advisory business, which was carved out of IL&FS Energy Development (IEDCL), to PTC India. IL&FS has said that the total sale consideration for the power business is Rs 77.5 crore and both the businesses do not hold debt. In the sale of its energy advisory business, a division of IEDCL, PTC emerged as the highest bidder and the sale was completed on July 26 at a consideration of Rs 15 crore. This sale has been approved by NCLT.