MEDIA RELEASE & COVERAGE

The National Financial Reporting Authority (NFRA), the regulator for auditors of large and listed entities, has red flagged Ernst & Young affiliate SRBC & Co's audit of IL&FS and blamed it for failure on multiple fronts.While overruling SRBC's objections over its jurisdiction , NFRA's audit quality review report (AQRR) for 2017-18 also noted that there was a violation of the principle of auditor independence too as the EY network provided prohibited services to the IL&FS Group. SRBC also had earned non-audit fees from the now-collapsed entity

Finding large-scale lapses in the audit of IL&FS in the 2017-18 fiscal, the NFRA Wednesday said tens of thousands of crores of losses could have been averted if the non-compliance was detected earlier. The National Financial Reporting Authority (NFRA) has found "large scale non-compliance" professional standards and regulatory requirements by SRBC & Co LLP, an Ernst & Young Global Limited firm, in the auditing of IL&FS for 2017-18.

Independent audit regulator National Financial Reporting Authority (NFRA) has identified serious lapses in SRBC & Co LLP's audit of IL&FS for FY18 in its Audit Quality Review Report (AQRR).The AQRR observed that had the audit firm been vigilant, losses of tens of thousands of crores to banks, creditors and investors could have been averted. The shadow bank defaulted in repayment of bank loans and failed to meet commercial paper obligations, among others, in September 2018, causing a loss of investor confidence in NBFCs.

The National Financial Reporting Authority (NFRA) said an EY partner firm SRBC & Co's audit of the beleaguered Infrastructure Leasing & Financial Services Limited (IL&FS) was seriously compromised and the scam at the financier could have been detected much earlier if the auditor was more vigilant. In its audit quality report (AQR) released on Tuesday, the NFRA pointed to "large scale non-compliance with professional and regulatory and legal requirements" by the auditor.

The National FInance Reporting Authority has found a number of gaping holes in the audit of Infrastructure Leasing & Financial Services (IL&FS) for the year 2017-18. These include failure to comply with the basic requirements of audit and violation of norms on quality control and auditor independence. The auditor was SRBC & Co.t

The National Financial Reporting Authority (NFRA), the country's sole independent audit regulator, has found several deficiencies in the statutory audit conducted by EY member firm SRBC & Co LLP of Infrastructure Leasing & Financial Services (IL&FS) for the financial year 2017-18.In its 390-page audit quality review report (AQRR), NFRA has concluded that the audit firm did not have adequate justification for issuing the audit report asserting that the audit was conducted in accordance with the Standards of Auditing and the financial statements give a true and fair view.

The National Highways Authority of India (NHAI) has paid over Rs 891 crore to crisis-hit Infrastructure Leasing & Financial Services (IL&FS) as compensation for termination of the Khed-Sinnar Expressway project, which is a part of the Delhi-Mumbai industrial corridor, people aware of the development said."This termination compensation is in addition to the Rs 90 crore collected by the company as toll from the 80% completed project over the last two years," said one of the persons cited earlier. The total debt of Khed-Sinnar Expressway that gets addressed with this compensation stands at Rs 1,400 crore and the project gets handed over to NHAI

In a move that will provide some relief to the unsecured creditors of IL&FS, which include retirement funds, the court has allowed interim distribution of Rs 16,361 crore to creditors at the holding company level. In normal course, investors of the holding company would have got money only after the liabilities of the group companies were resolved.

The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Group to distribute R5 16,361 crore of cash and InVIT units available across the Group up to its creditors on pro-rata basis.

The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Groupto distribute Rs 16,361 crore of cash and InvlT units available across the group to its creditors on pro-rata basis.

The National Company Law Appellate Tribunal (NCLAT) has directed the new board of the debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvIT units available across the group to its creditors on pro-rata basis.The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms — IL&FS, IFIN and ITNL, said an order by a two-member NCLAT bench headed by chairperson Justice Ashok Bhushan.

The National Company Law Appellate Tribunal has directed the new board of debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvIT units available across the group to creditors on a pro-rata basis

The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvIT units available across the Group to its creditors on pro-rata basis.The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms— IL&FS, IFIN and ITNL.

The National Company Law Appellate Tribunal (NCLAT) has directed the new board of Infrastructure Leasing and Financial Services (IL&FS) to distribute Rs 16,361 crore of cash and InvIT units to creditors on a pro-rata basis."The interim distribution shall be confined only to the entities as reflected in Annexure-6, except those excluded and for the amount of Rs 16,361 crore, that is Rs 11,296 crore of cash and Rs 5,065 crore of InvIT units," said the NCLAT in its order on May 31.

The National Company Law Appellate Tribunal (NCLAT) has directed the new board of the debt-ridden IL&FS Group to distribute Rs16,361 crore of cash and InvIT units available across the group to its creditors on pro-rata basis.

The National Company Law Appellate Tribunal (NCLAT) has directed the new board of Infrastructure Leasing & Financial Services (IL&FS) to pay lenders on a pro-rata basis first as opposed to the normal course of payment prescribed under Section 53 (distribution of assets) of the Insolvency and Bankruptcy Code (IBC). This will be done as part of the interim distribution."We are of the view that IL&FS and its entities may take all steps to complete the resolution process as per the resolution framework and submit their application for approval before the NCLT by June 30, 2022," the NCLAT said.

After selling its iconic headquarters in Mumbai's business district, crisis-hit non-banking finance company Infrastructure Leasing & Financial Services (IL&FS) has put more commercial properties on the block, including two standalone prime properties, Business Arcade and IL&FS House in Mumbai.Property consultants said the monetisation of these properties owned by the company and its wholly owned subsidiaries is expected to fetch over 7700 crore given their location and size."We confirm putting these properties up for sale. The sale of real estate assets forms part of the overall resolution plan undertaken by the new board," said IL&FS' spokesperson, Sharad Goel. However, he declined to comment on the likely recovery to be made through these deals.

A government committee has suggested Rs 6.05-7.03 per unitvariable tariff for six plants using imported coal that are owned by companies such as Tata Power, Essar Power and JSW Energy, said people with knowledge of the matter, marking a step toward restarting them to ease the electricity shortage.The power companies said the tariffs are good enough for them to start generation, but state electricity distribution companies that have purchase agreements with these plants said they wereexamining the rates.These are benchmark tariffs that are proposed to be revised weekly or fortnightly in line with international coal prices for units that have a cumulative 8.2 GW capacity Some of this capacity is expected to be operational in the next 20 days. The parties involved can either agree to this benchmark or reach mutual agreement on different tariffs. In case state distribution companies do not buy this power, these plants will still have to operate but sell electricity on the power exchanges. The committee has calculated tariffs for six of the 13 imported coal-based plants mandated to run under the Section 11 order invoked by the power ministry on May 5 to ease power and domestic coal availability, amid projections of 220 GW electricity demand this summer.

Lenders, including the State Bank of India, Punjab National Bank and Bank of Baroda, have agreed to extend fresh working capital loans to six power projects lying idle for the past many years, including four imported coal-based units. Also, sector-specific lenders Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) have initiated discussions with several units that are either shut or are operating at very low plant load factor.The lenders' moves follow the directions given by the Union power ministry to them to help the stuck power plants resume generation with working capital support. The government reckons that the electricity shortage in the country may not show any let¬up over the next few weeks due to the high demand in the scorching summer.

The power crisis has come to the aid of independent producers who were finding it difficult to recover electricity dues from state governments. It has also given a fresh lease of life to power projects facing liquidation. In its meeting on operationalising commissioned power plants, the power ministry got states to agree on payments to power producers.In the case of IL&FS Tamil Nadu Power, which has two projects of 600MW in the southern state, it was decided in the meeting that Tangedco, which distributes power in Tamil Nadu, would pay Rs 75 crore every week to liquidate around Rs 1,500 crore in the next five months. Lenders led by Punjab National Bank have agreed to facilitate the restructuring of the plant. The company would also be allowed to sell balance power to other states."This is a welcome step that will help ITPCL scale up its power generation to maximum capacity and take care of its short-term fund requirements. The company has also been facing severe challenges in restructuring its loans, pending receivables by Tangedco and PTC to the tune of around Rs 4,000 crore. These payments will also support the new board in its restructuring efforts of ITPCL," said IL&FS spokesperson Sharad Goel.

The Union Power ministry's diktat to imported coal-based (ICB) power plants to run at full capacity will force them to ask for fresh credit lines. These plants are facing severe financial crunch, with some of them even starved of working capital.An IL&FS executive said the firm doesn't have the funds to import coal. "If the banks issue a letter of credit to us, or the Rs 4,200-crore receivables from Tamil Nadu discom are made fungible to be used for coal imports, we will be able to operate the plant at full capacity," the source said.

Ravi Parthasarathy, who pioneered private in¬vestment in core projects through the failed Infrastructure Leasing & Financial Services (IL&FS), passed away on Wednesday following a prolonged illness.He had cancer and underwent treatment for the past few years after stepping down as chairman in 2018. The IL&FS default crisis had broken out months after he stepped down, with the first cracks appearing in July 2018.

When the crisis at IL&FS (Infrastructure Leasing & Financial Services) exploded in September 2018, many saw it as India's Lehman Brothers moment, when the US investment banking firm collapsed ahead of the 2008 global financial crisis. The concern was that the fall of one of India's biggest financiers of infrastructure projects in the NBFC (non-banking financial company) space would trigger a spate of such crashes and loan defaults, sending lakhs of crores of rupees of public money down the drain and leading to thousands of job losses. IL&FS had amassed a debt of Rs 99,355 crore—nearly as much as the Centre's allocation to states to build infrastructure projects this fiscal—the bulk of it borrowed from public sector banks, and was in no position to repay it. The company closed the 2017-18 financial year with revenues of Rs 18,799 crore on a consolidated basis, and a loss of Rs 1,886.85 crore. In a swift action akin to the one taken in the January 2009 'Satyam Scam', the Centre in October 2018 replaced the entire IL&FS board with a new, six-member board, and made Uday Kotak, managing director & CEO of Kotak Mahindra Bank, its non-executive chairman. On April 2, as Kotak's term at IL&FS ended and he passed on the baton to the current chairman & managing director C.S. Rajan, the company claimed it had resolved Rs 55,000 crore of its total outstanding debt, with Rs 21,000 crore already out of its books. With this, Kotak and his team met 90 per cent of the target they had set: a realistic Rs 61,000 crore of the outstanding debt.

Stakeholders in Corporate insolvency resolution would do well to heed the advice veteran banker Uday Kotak had to offer as his tenure as the non-executive chairman of IL&FS ended last week. After the collapse of IL&FS in 2018, Kotak assumed charge and oversaw the resolution of over Rs 61,000 crore of the group's overall debt of Rs 94,000 crore. A part of this is either awaiting distribution or is pending recovery as there are ongoing legal challenges. Compared to the average recovery of 33% (as of December 2021) of creditors' claims under the Insolvency and Bankruptcy Code (IBC) regime, the IL&FS recovery record is outstanding, specially because of the complicated task involving various layers and legal entities. Some experts argue the IBC shouldn't be judged by recovery score alone as the law is merely a facilitator of reorganisation that is ultimately determined by market forces. But Kotak's advice should be taken seriously for better recoveries and even prevention of corporate stress.

In 2018, the collapse of IL&FS had triggered a panic in financial markets. With liquidity drying up, non-banking financial companies (NBFCs), in particular, came under acute financial stress. Subsequently, the government constituted a new board, with Uday Kotak appointed as non-executive chairman, to manage the affairs of the beleaguered infrastructure behemoth. Now, almost three and a half years later, the process has successfully addressed the resolution of Rs 55,000 crore of the group's debt. Resolution of another Rs 6,000 crore of debt is expected to be finalised in the coming financial year. Considering that the group's total debt was just shy of Rs 1 lakh crore, this translates to a recovery rate that is higher than that observed under the IBC — at the end of December2021, under IBC proceedings, financial creditors had realised only 33 per cent of their claims in cases where a resolution plan had been approved.

On April 2, the troubled Infrastructure Leasing and Financial Services Limited (IL&FS) will see a major transition of power. After more than three years, the government appointed non-executive chairman, banker Mr Uday Kotak, will exit his role. His replacement, as chosen by the Union ministry of corporate affairs, is former officer of the Indian Administrative Service C S Rajan, who has been managing director of the group since April 2019. Mr Rajan's last post in government was as chief secretary of Rajasthan, and he retired in 2016 after which he served on the state chief minister's advisory council. The handover of power is the appropriate time to assess how the recovery efforts for IL&FS have progressed, and what the lessons of this unfortunate episode might be.

Uday Kotak will step down as chairman of IL&FS after three and a half years with current MD C S Rajan taking over as CMD. According to Kotak, around Rs 55,000 crore of debt has been resolved, which represents nearly 90% of the expected resolution. Kotak also announced the sale of IL&FS's iconic headquarters to Canadian private equity investor Brookfield for Rs 1,080 crore. He estimated the realisation at 62% of the total debt of Rs 99,000 crore.

Infrastructure Leasing & Financial Services Ltd (IL&FS) has addressed debt resolution of Rs 55,000 crore, or nearly 55 per cent of the debt, after the group became a defaulter, and the government superseded its board in October 2018.The tenure of Uday Kotak as non-executive Chairman will end on April 2 and the Ministry of Corporate Affairs has appointed CS Rajan Chairman and MD of IL&FS for six months with effect from April 3. The IL&FS group retained its overall resolution estimate at Rs 61,000 crore, representing 62 per cent of overall — fund-based and non-fund based—debt of over Rs 99,000 crore as of October 2018. "IL&FS is a case study for how we should think about the future of structure, regulation and governance and how we built a resolution framework in areas that are non-man's land," Kotak said.

Bankrupt infrastructure financier IL&FS on Tuesday said that it has resolved the debt of nearly Rs 55,000 crore at the end of March and retained its aggregate debt resolution target of Rs 61,000crore, which is 62% of the total debt. The group has a total debt of Rs 1 lakh crore. The board also said that the IL&FS headquarters at BKC, Mumbai, has been sold to Brookfield for Rs1,080 crore. The letter of intent has been issued and the handover will happen soon.

Infrastructure Leasing And Financial Services (IL&FS) has resolved atotal of Rs 55,000-crore debt during the past three-and-a-half years after a new board headed by Uday Kotak took over the beleaguered firm. Further, billionaire banker Kotak's term as chair¬man of IL&FS ends on April 2.The new board, however, continues to face challenges in implementing the resolution, thereby impacting timeliness. Some of these challenges pertain to the existence of complex share-holding arrangements and web of infra group borrowings, non-payment of dues by state utility to ITPCL and delay in receipt of annuities from some state governments. The group continues to implement its three pronged strategy of resolution, restructuring and recovery to maximise recoveries for all classes of creditors while adopting an equitable distribution approach and balancing the interests of stakeholders.

Crisis-hit Infrastructure Leasing & Financial Services Ltd (IL&FS) has resolved nearly 55% of the group's outstanding debt over the last three-and-a-half years, managing director C.S. Rajan said on Tuesday. Among others, the company sold its iconic headquarters at Bandra Kurla Complex for Rs1,080 crore to reduce debt.With this, Kotak Mahindra Bank managing director (MD) and chief executive officer (CEO) Uday Kotak, who has been serving as non-executive chairman of IL&FS, will step down on 2 April, and Rajan will take charge on 3 April as chairman & MD for six months.

Crisis-hit Infrastructure Leasing & Financial Services Ltd (IL&FS) has resolved nearly 55% of the group's outstanding debt over the last three-and-a-half years, managing director CS Rajan said on Tuesday Among others, the company sold its iconic headquarters at Bandra Kurla Complex for Rs 1,080 crore to reduce debt.With this, Kotak Mahindra Bank managing director (MD) and chief executive officer (CEO) Uday Kotak, who has been serving as non-executive chairman of IL&FS, will step down on April 2, and Rajan will take charge on April 3 as chairman & MD for six months. Nearly Rs 55,000 crore of IL&FS's total debt of Rs 99,000 crore has been resolved, and this is 90% of the estimated debt resolution of Rs 61,000 crore, Rajan said at a press conference

Uday Kotak will step down as the Chairman of the board of IL&FS after his term ends on April 2. CS Rajan, Managing Director of IL&FS, has been named Chairman and Managing Director for six months with effect from April 3 by the Ministry of Corporate Affairs.The Centre had in October 2018 taken control of debt ridden IL&FS and replaced the board with a new set up led by Uday Kotak. The Group had over Rs 99,000 crore of debt at the time.

The resolution from the IL&FS group is expected at Rs 61,000 crore of the total debt of Rs 99,355 crore, which is almost 62 per cent, said Uday Kotak, who was appointed the non-executive chairman of the company in October 2018 by the government after superseding the board at that time.The resolution process of IL&FS started three and half years ago after a new management was appointed by the government. Kotak's term as non-executive chairman in IL&FS will end on April 2, after which managing director CS Rajan will take charge as chairman and managing director. The ministry of corporate affairs has appointed Rajan as CMD for six months, with effect from April 3.

Rs 21,000 crore of debt discharged by way of monetisation of assets and debt repayment – largely to public sector lenders.Group has nearly Rs 20,000 crore of cash and InvIT unit balance - this includes Rs 16,000 crore to be distributed to creditors by way of interim distribution post judicial approval.Resolution of Rs 14,000 crore filed with courts - of which Rs 7,500 crore has been approved and transaction closure is underway.Mr Uday Kotak’s term as Chairman, IL&FS, ends on April 2, 2022.Mr CS Rajan, Managing Director, IL&FS has been appointed Chairman and Managing Director of IL&FS for a period of six months wef April 3, 2022 by the Ministry of Corporate Affairs, Government of India.

Lenders to the Chenani-Nashri Tunnelway (CNTL) — a subsidiary of IL&FS Transportation Networks —have approved a restructuring proposal with an enhanced recovery payout for all categories of lenders. CNTL maintains and operates the longest tunnel in J&K and receives an annuity of Rs 635 crore annually.

The lenders have approved IL&FS Group's proposal to restructure the Rs 5,500 crore debt of its subsidiary Chenani Nashri Tunnelway (CNTL), which offers almost full repayment to them. The move comes after the company has revalued itself at Rs 5,257 crore now after the deal with Cube Highways of Singapore failed last year, due to regulatory delays, for a consideration of Rs 3,900 crore.

The Central Bureau of Investigation (CBI) will soon begin its investigation into 12 high profile cases of bank fraud totalling Rs 13,048 crore as the Maharashtra government has decided to give consent to the central agency to proceed with its work. The agency is also expecting a go-ahead from the state government to investigate three separate loan fraud cases of Rs 987 crore, Rs 569 crore and Rs 529 crore against IL&FS Energy Development Company Ltd, IL&FS Transportation Networks Ltd and IL&FS Maritime Infrastructure Company Ltd, respectively. The agency said Yes Bank is the complainant in all three cases related to the IL&FS Group.

The state government in a reply tabled in the assembly stated that it has received a proposal from IL&FS Ltd to take back its development rights for GIFT city over its inability to pay its dues.

The IL&FS building, its unique glass facade seemingly mirroring BKC's emergence as Mumbai's primary corporate hub in the new millennium, is changing hands, with Brookfield Asset Management offering to pay more than Rs1,100 crore for the property that has been home to the debt-laden financier for decades.People with direct knowledge of the development said Brookfield made the highest offer for the 10-storied property that most accurately captures the pronounced northward shift in Mumbai's financial nerve centre, away from Nariman Point on the southern tip of the metropolis.

IL&FS Transportation Networks Ltd has completed the sale and transfer of its 100% shareholding in Sikar Bikaner Highways Ltd, a wholly owned subsidiary, to Roadstar Infra Investment Trust for Rs 375.5 crore, it informed the stock exchanges on Wednesday.The proceeds of the sale will be received in the form of units of the infrastructure investment trust (InvIT).The deal was struck at an enterprise value of Rs 1,015 crore, it added.

Infrastructure company IL&FS Transportation Networks entered into a share purchase agreement with Axis Trustee Services (as the trustee of Roadstar Infra Investment Trust) and others to sell 100 per cent equity of Sikar Bikaner Highways, a wholly-owned subsidiary of the company, for Rs 375 crore.The proceeds will be received in the form of units of the trust.In addition, IL&FS Transportation Networks has also assigned its debts owed to Sikar Bikaner Highways of Rs 207.81 crore by executing a deed of assignment with Axis Trustee Services against which a consideration to the equivalent amount is to be received in the form of units of the trust.

The Supreme Court has sought response from the central government, the Institute of Chartered Accountants of India, Sebi and others on appeals filed by network firm of Deloitte, the former auditor of IL&FS Financial Services (IFIN), and its chartered accountants questioning the National Company Law Tribunal's jurisdiction to prosecute and ban the past auditors for their alleged role in financial irregularities at the company.

Lenders to IL&FS' Jammu tunnel project have approved a proposal to appoint a valuer, forensic auditor, and ratings firm for restructuring the debt of the company, according to a stock exchange disclosure by IL&FS Transportation Network (ITNL) on Tuesday. ITNL has proposed a debt recast of Rs 5,454 crore loans to Chenani Nushri Tunnelway Ltd (CNTL), its special purpose company that constructed India's longest tunnel.

To speed up the debt resolution for the IL&FS group entity CNTL, the lenders led by State Bank of India will meet shortly to evaluate and vote on the new resolution plan that the firm has proposed at a valuation of Rs 5,257 crore. CNTL, which owes a little over Rs 5,500 crore to the lenders, had entered into a share sale agreement with the Singaporean infra major Cube Highways & Infrastructure in August 2020 for a Rs 3,900 crore deal. However, the agreement lapsed last August following which the management appointed an external valuer.

The committee of creditors (CoC) of IL&FS Financial Services, has rejected the offer of UV Asset Reconstruction Company (UVARC) to buy the former's assets. UVARC had offered to pay Rs 370 crore for the Rs 4,300-crore loan book. The CoC has communicated to the IFIN management that it should try to recover loans on its own rather than selling them to an ARC.A spokesman for IL&FS confirmed the development.

An increase in valuation from Rs 450 crore to Rs 3,000 crore in less than a month — this is not a startup, but a property of ABG Cement Ltd, a sister concern of the scam-ridden ABG Shipyard Ltd, that the official liquidator attached to the Bombay High Court is trying to sell to help creditors recover money from the companyIn a filing before the Bombay High Court on December 8,2021, the official liquidator had asked the court to direct the Enforcement Directorate (ED) to allow the sale a Surat-based cement plant of ABG Cement, which the agency had attached in January 2021, following its probe into the collapse of IL&FS. At the time of the filing, the liquidator said it had found a buyer who was ready to pay Rs 450 crore for the plant but the ED objected to the sale as the attached property was fairly valued at Rs 952 crore. The ED on December 22,2021, asked the High Court to not allow the sale at such a low price.

he forensic audit report of IL&FS Transportation Networks (ITNL) and its special purpose vehicles (SPVs) by Grant Thornton, shows gross financial mismanagement, withdrawal of funds from projects by ITNL leading to large cost overruns and accounting manipulation. The report found that road projects had to suffer Rs8,077 crore cost overrun, largely due to funds being taken out by ITNL. Interest cost overruns of Rs3,433.42 crore were one of the significant components of project cost overruns contributing 42% of the total project cost overruns. The mechanism of this is as follows: IL&FS initially advanced loans at 10% to the SPVs. These loans were later assigned to other lenders. The assignment resulted in effect where SPVs had borrowed funds from the new lenders and repaid the loans taken from ITNL. The SPVs were charged an interest rate of 14-16% on loans assigned by ITNL against the 10-12% charged by ITNL earlier. The interest was to be borne by the SPVs, resulting in a cost overrun of Rs3,433 crore.

The report on the forensic audit of IL&FS Transportation Networks (ITNL) and its special purpose vehicles (SPVs) by Grant Thornton reveals that the road projects had to face a Rs 8,077-crore cost overrun. This was largely due to funds being taken out by ITNL.The group's transport arm took out the money from the road projects by charging excess project development and project management fees (PDF & PMF) and using fee money to make equity contributions to these SPVs. ITNL also assigned loans it had advanced to these projects to other lenders at higher rates.

State-owned Indian Oil Corporation (IOC) is exploring the option to acquire IL&FS Paradip Refinery Water Ltd, the crisis-hit IL&FS has said in an affidavit filed before the insolvency appellate tribunal NCLAT.However, the Uday Kotak-led board has not shared any financial details while updating the tribunal on the progress of the groups resolution process.

Global investment firm KKR, through an affiliate entity, is set to acquire crisis-hit non-banking finance company Infrastructure Leasing & Financial Services' (IL&FS) stake in Bangalore Elevated Tollway Private Ltd (BETPL). Galaxy Investments, a wholly-owned subsidiary of KKR Asia Pacific Infrastructure Holdings, has entered definitive agreement with UK's development finance institution CDC's India Infrastructure Fund II to acquire a stake in the company.

Public Sector Punjab & Sind Bank (PSB) on Tuesday said it has declared bad asset IL&FS Tamil Nadu Power Company, with dues of over Rs 148 crore, as a fraud account and reported it to the Reserve Bank.As per the bank's policy on determination and disclosures on material events, PSB said it has declared this non-performing account as a fraud account. "It is informed that an NPA account, viz IL&FS Tamil Nadu Power Company Ltd with outstanding dues of Rs 148.86 crore has been declared as fraud and reported to RBI today as per regulatory requirement," the lender said in a regulatory filing.

IL&FS group is all set to resolve debt of Rs 55,000 crore by March, the board of the crisis-hit company has stated in its affidavit filed before the National Company Law Appellate Tribunal (NCLAT).While updating the progress of the resolution, the IL&FS board led by banker Uday Kotak said Rs 55,000 crore debt would be resolved through asset monetization, restructuring and initiatives pertaining to insolvency proceedings.

IL&FS Group will resolve debt of Rs 55,000 crore by March 2022, the board of the crisis-hit company has said in its affidavit filed before the National Company Law Appellate Tribunal (NCLAT).While updating the progress of the resolution progress, the IL&FS board, led by Uday Kotak, said Rs 55,000 crore debt would be resolved through asset monetisation, restructuring and insolvency proceeding initiatives.Some of this has already been completed while the rest is at different stages of resolution, it said in a brief snapshot on the progress made in the ongoing resolution process till December 7, 2021, and suggested estimates of progress to be made by March 2022.

IL&FS has filed a petition in the National Company Law Appellate Tribunal in Delhi seeking permission to distribute recovery proceeds to creditors. Last month, the board of the company had passed a resolution under which it proposed an interim distribution of Rs 16,200 crore (recovered by March 31,2022).

The government has moved the National Company Law Appellate Tribunal's Delhi bench,seeking approval for interim distribution of group assets worth Rs 16,200 crore to the creditors, including public funds, by March 31.

The board of debt-ridden Infrastructure Leasing & Financial Services (IL&FS) has approved a proposal enabling interim distribution of proceeds to the extent of Rs 20,000 crore by March-end (2022) from the resolution of entities of the group. An affidavit has been filed with the National Company Law Appellate Tribunal (NCLAT) by the government to permit and approve the interim distribution mechanism. After this, the proceeds can be transferred to the creditors.

The Centre has filed an application with the National Company Law Appellate Tribunal for interim distribution of Rs 16,200 crore as part of the ongoing resolution of Infrastructure Leasing and Financial Services Ltd.The application, filed with the Delhi Bench of NCLAT, seeks interim distribution of Rs 10,950 crore in cash and Rs 5,250 crore of InvIT units by March 31.

IL&FS Group has completed sale of its 35 per cent stake in Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL) to its majority joint venture partner Vishvaraj Infrastructure Limited (VIL). The sale entails VIL taking over entire external debt of WCBTRL amounting to 306 crore, providing equity value of over Rs 12 crore and settling IL&FS Group dues amounting to Rs 6 crore – thereby resolving Rs 324 crore from the overall IL&FS Group debt of approx. Rs 99,000 crore, as of October 2018. The Group had already received requisite approvals from the ITNL CoC, Supreme Court Justice (retd) D K Jain and Hon’ble NCLT to complete the transaction.

In what will come as a relief for pension and provident funds, including those of army personnel as well as other creditors, IL&FS Group has proposed to distribute cash and InvIT units of nearly Rs 20,000 crore.The board, headed by banker Uday Kotak, has already held discussions with the ministry of corporate affairs (MCA) and suggest that the government approach the National Company Law Appellate Tribunal (NCLAT) to transfer the money lying with various entities after clearing some of the payments at the entity level, as well as dealing with debt of over Rs 8,500 crore, while selling some of the companies and their assets.

The exodus of independent directors at PTC India Financial Services Ltd over corporate governance issues has prompted several regulators to seek a response from the company on the allegations levelled by the directors, said two people with direct knowledge of the matter.An after-market hours filing by PTC India Financial on Wednesday said independent directors Kamlesh Vikamsey, Thomas Mathew and Santosh Nayar resigned, highlighting "instances of serious lapses in corporate governance". Describing another instance of "misleading" the investors and the board, Vikamsey said fraud committed by a borrower, IL&FS Tamil Nadu Power (ITPCL), was not reported to the board. 'The fact of fraud is camouflaged in the annexure," Vikamsey alleged.An ITPCL spokesperson said: "ITPCL loan account has not been declared a fraud by any lender till date and, as such, has not been reported as a fraud in RBI CRILC reporting. Any such information/mention of the account being declared as fraud is factually incorrect."

Brookfield Asset Management has emerged as the frontrunner to acquire IL&FS group's iconic 4.5-lakh sqft headquarters in Mumbai's Bandra Kurla Complex. While a few others, including private equity firms and real estate companies, had shown interest none of them has matched the bid by Brookfield.IL&FS board has put the group's corporate headquarters on the block as part of the resolution process to address Rs 99,000 crore of debt. Constructed in 2005, the 11-storey building was one of the earliest to come up in the business district. The IL&FS board has been seeking to realise Rs 1,000 crore from the sale of the property However, sources said that Brookfield's bid is a bit lower.

The IL&FS Group has completed sale of its 26 per cent stake in ONGC Tripura Power Company (OTPC) to Gas Authority of India Limited (GAIL) at an aggregate valuation of Rs 1,227 crore.With this transaction, IL&FS has resolved a debt of approx. Rs 3,656 crore - that formed part of the overall Group debt of approx. Rs 99,000 crore, as of October 2018.IL&FS Group held its 26 per cent stake in OTPC in two subsidiaries – approx. 12 per cent held by IL&FS Energy Development Company Ltd (IEDCL) and 14 per cent held by IL&FS Financial Services Ltd (IFIN).The Group has duly received an aggregate sum of Rs 319 crore for its 26 per cent stake from GAIL in the two companies thereby closing this stake sale transaction.

A lifeline for intercity travel since its inauguration in January 2001, the 9.2km Delhi-Noida-Direct (DND) Flyway no longer looks like the showpiece infrastructure project it was built to be.A pale shadow of its former self, it has met the fate of many an Indian road: patches of rough surfaces and potholes, damaged signboards, defunct streetlights in places, absent road markings at others and garbage collecting along the shoulders.The DND toll was scrapped by the high court, which heard a petition from FONRWA, a grouping of Noida-based residents' welfare associations, against the "excessive" user fee that was being charged from commuters (Rs 25, one way for a car) and ruled in its favour.The financial troubles of its parent company have also affected NTBCL, which is a special purpose vehicle floated by infrastructure giant IL&FS. The DND was conceived to be run under the build- own-operate-transfer (BOOT) model in the concession agreement signed between the Noida Authority, IL&FS and NTBCL in 1997. IL&FS was responsible for all investments in the project and the agreement gave NTBCL control of the DND for 30 years from the contract date, or till IL&FS could recover its entire investment. NTBCL argued it had not been able to recover its cost, but the court, which perused audit reports of its income, rejected that contention

IL&FS Infrastructure Investment Trust ( IL&FS InvIT) has commenced business with acquisition of first road asset -- Moradabad-Bareilly Expressway Ltd.The final consideration for sale of shares is Rs 576.77 crore and adjusted final consideration for assignment of receivables is Rs 14.26 crore.This transaction is based on final valuation and adjustments as stated in the Share Purchase Agreement (SPA).

IL&FS has submitted a restructuring proposal to lenders of the Chenani-Nashri Tunnelway (CTNL), offering them a better deal after a plan to sell the project to Cube Highways fell through. The proposal values the project at Rs 5,200 crore — Rs 1,300 crore more than the valuation under the Cube deal and envisages an immediate payout of Rs 300 crore of back interest dues from April 2021. The restructuring will turn the company into a 'green entity' with cash flows capable of servicing all creditors.Under the Cube deal, secured lenders would have got 97% recovery and unsecured lenders and operational creditors would get only 36%. According to the proposal sent by IL&FS to lenders, CNTL debt will be restructured effective April 1, 2021, and the interest will start from this date. The recovery for secured and unsecured lenders would be 100% and 90% respectively

Public sector banks have lost nearly Rs 2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday.In press release, UFBU's Convener B Rambabu said the organisation calls for a two-day all India bank strike on December 16 and 17 protesting against Banking Laws (Amendment) Bill 2021 and opposing the centre's alleged move to privatise PSBs.

The IL&FS Group has entered into a share purchase agreement with Axis Trustees Services Ltd for sale and transfer of its entire holding in Moradabad Bareilly Expressway Ltd for Rs 373.59 crore. The sale marks the transfer of the first road asset to a recently-formed IL&FS InvIT, Roadstar Infra Investment Trust. Axis Trustees Services Ltd had been appointed as the trustee of the InvIT.IL&FS has also assigned debt of about Rs 14.34 crore held by its subsidiary IL&FS Transportation Networks Ltd in Moradabad Bareilly Expressway Ltd to the new InvIT.

Federal Bank has sold its loan exposure in Chenani Nashri Tunnelway Ltd (CNTL) to an Ares SSG Capital-backed asset reconstruction company at a discount of 25%, people with knowledge of the matter said. The Kerala-based lender sold the loan after the road asset’s owner, IL&FS Transportation Network Ltd (ITNL), failed to close a deal it signed almost a year ago with I Square Capital-backed Cube Highway to sell CNTL. Federal Bank recovered nearly 75 paise on a rupee by selling its Rs 212.63 crore loan to Assets Care & Enterprise Ltd, the people said. The transaction closed early this week, one of them said

IL&FS has sold its 52.3% stake in Terracis Technologies (TTL) to Philippines-based Falcon SG Holdings. The transaction has addressed Rs 1,275 crore of the IL&FS group debt and resulted in its exit from technology business.The sale of TTL has been completed in accordance with the resolution framework, under supervision of Justice (retd) D K Jain and with an approval from the Mumbai bench of the NCLT. It will result in over 200 employees from these companies shifting to the new promoter Falcon SG, which is a wholly owned subsidiary of Falcon Investments Pte Ltd, a part of Gateway Partners and Avenue Capital Group.

Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has completed sale of its 52.26% stake in Terracis Technologies Ltd (TTL) to Falcon SG Holdings.With this, the group has resolved close to Rs 1,275 crore of its debt and has completely exited the technology business, a release said.This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, it said. The transaction would release corporate guarantees extended by various IL&FS group entities and will also facilitate reduction of five entities within the group.

IL&FS Group said it has completed sale of its 52.26% stake in Terracis Technologies Ltd. (TTL) to Falcon SG Holdings, (Philippines) Inc.TTL was formerly known as IL&FS Technologies Ltd. and Falcon SG is a wholly owned subsidiary of Falcon Investments Pte Ltd., a part of Gateway Partners and Avenue Capital.With this stake sale, IL&FS said it has resolved about Rs 1,275 crore of group debt and completely exited the technology business.

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it has completed the sale of its 71.84% stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV.The transaction has re-solved the group's outstanding debt to the tune of Rs 757.79 crore, a release said. IL&FS' stake in IL&FS PrimeTerminals FZC (IPTF), an energy storage terminal situated in the UAE's Fujairah, was held through IL&FS Maritime Infrastructure Company (IMICL).

IL&FS has said that it has completed the sale of its 71.8% stake in IL&FS Prime Terminals (IPTF) to VTTI Terminal I BV (VTTI). The sale of IPTF has resulted in resolution of Rs 757 crore of group debt and will reduce non-performing assets for lenders.The IL&FS stake in Prime Terminals was held through IL&FS Maritime Infrastructure (IMICL). VTTI has acquired the energy storage terminal situated in UAE from IMICL and other shareholders. VTTI specialises in energy storage operations and has set up greenfield terminals as well as acquired and upgraded facilities across the world.

The IL&FS Group has completed sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings, (Philippines) Inc (Falcon SG).With this stake sale, IL&FS has resolved approx. Rs 1,275 crore of its Group debt and completely exited the technology business.This is an equity positive transaction wherein the entire debt has been taken over by the new promoter. Apart from some foreign banks and institutions, State Bank of India, Axis Bank and Indian Bank were key Indian lenders to the company.

Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has completed sale of its 52.26 per cent stake in Terracis Technologies Ltd (TTL) to Falcon SG Holdings, (Philippines) Inc (Falcon SG). With this, the group has resolved close to Rs 1,275 crore of its debt and has completely exited the technology business, a release said.This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, it said.

The IL&FS Group has completed sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings, (Philippines) Inc.With this stake sale, IL&FS has resolved ₹1,275 crore of its Group debt and completely exited the technology business.“This is an equity positive transaction wherein the entire debt has been taken over by the new promoter. Apart from some foreign banks and institutions, State Bank of India, Axis Bank and Indian Bank were key Indian lenders to the company,” IL&FS said in a statement.

The IL&FS Group has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC (“IPTF”) to VTTI Terminal I BV (“VTTI”).Sale of IPTF has successfully resolved IL&FS Group debt outstanding to the tune of Rs 757.79 crore through this transaction.IL&FS stake in Prime Terminals FZC was held through IL&FS Maritime Infrastructure Company Limited (“IMICL”). VTTI has acquired this state-of-the art energy storage terminal situated in Fujairah from IMICL and other shareholders.VTTI will now own 90 per cent of the terminal, while the other 10 per cent will remain with the Fujairah Government. This acquisition of the 333,484 m3 terminal will help the company to expand its long-established position in the Port of Fujairah.

The IL&FS group has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV, resolving an outstanding debt of Rs 757.79 crore.Key lenders to the company were First Abu Dhabi Bank, National Bank of Fujairah, State Bank of India - that had debt outstanding of over $80 million, which has been fully repaid, the company said in a release.

IL&FS, which had sold the Chenani-Nashri Tunnel (CNTL) project in J&K to Cube Highways & Infrastructure last December for Rs 3,900 crore, is seeking a new buyer or a revised offer from the Singaporean highways player after the expiry of the sale pact and also an increase in valuation that has jumped to over Rs 5,200 crore now.CNTL is a subsidiary of IL&FS Transportation Networks, which had singed a Rs 3,900-crore share purchase agreement with Cube in August 2020 but regulatory, including NCLT and NHAI, approvals came late, leading to the agreement getting lapsed this August.

The National Company Law Tribunal (NCLT) has approved state-owned gas utility GAIL (India) acquisition of bankrupt Infrastructure Leasing and Financial Services' 26% 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 for setting up of a 726.6 MW combined cycle gas turbine thermal power plant at Palatana, Tripura.ONGC holds a 50% interest in the company in the project that supplies electricity to the northeastern states. The Tripura government holds 0.5% while India Infrastructure Fund II holds the balance 23.5% stake.

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.

Uday Kotak, chairman of the government-appointed board of IL&FS, has said that over Rs 52,200 crore of debt of the beleaguered group has been resolved, which included Rs 14,100 crore of creditors' liability that has already been discharged. In addition, the group entities held Rs 16,700 crore in cash and another Rs 21,000 crore of sale and resolution plans are pending final approval.

The IL&FS board expects to resolve around Rs 57,000 crore of the Rs 99,000 crore total debt inherited by the directors by March 2022. Overall, the Uday Kotak-led board expects to complete the resolution of Rs 61,000 crore or about 62 % of the total debt inherited by the new board in October 2018. Chairman Kotak said that out of the 347 entities under IL&FS Group as of October 2018, a total of 235 entities stand resolved to date, including resolution applications filed with courts.

Infrastructure Leasing & Financial Services (IL&FS) said it had so far addressed Rs 52,200 crore debt and would achieve aggregate resolution of Rs 61,000 crore of the total debt of Rs 99,000 crore."We will be able to achieve 62% of debt recovery," said Uday Kotak, chairman, IL&FS, said as part of the firm's update on the progress of the ongoing IL&FS Group resolution process.

The debt-laden IL&FS has so far resolved Rs 52,200 crore of debt till date and is on track to resolve an additional Rs 4,800 crore by March end, the group's chairman Uday Kotak said on Tuesday. "I am happy to report that IL&FS Group has addressed Rs 52,200-crore debt...we believe the total recovery and resolution will be around Rs 61,000 crore, which is around 61-62% of original debt," Kotak said.Of the total debt resolved till date, Rs 14,100 crore comprises of debt discharged to creditors, available balance of Rs 16,700 crore, Rs 13,200 crore from cases approved by the courts and are pending transaction closure on account of documentation, and balance Rs 8,200 crore from applications filed with courts which are pending approval.

Of the targeted Rs 61,000 crore debt resolution by the fiscal-end, IL&FS has resolved Rs 52,200 crore by October-end and will address another Rs 4,800 crore more by March-end 2022, the management said on Tuesday. The company is sitting on a cash balance of Rs 16,700 crore as of end-October and has repaid Rs 14,100 crore of debt this fiscal so far, IL&FS chairman Uday Kotak said in a press briefing via a video-link.

Infrastructure Leasing and Financial Services (IL&FS) has resolved Rs 52,200 crore of the debt by October end and will address the remaining Rs 4,800 crore through the course of the year to achieve the repayment target of Rs 61,000 crore by fiscal end, chairman Uday Kotak said.The company is currently sitting on a cash balance of Rs 16,700 crore as of end-October, when it completed the third year of its bankruptcy.

Troubled IL&FS Group expects to resolve an additional debt of about Rs 4,800 crore in five months, taking the total amountresolved to over Rs 57,000 crore by March 2022. Giving the break-up of Rs 52,200 crore resolved till date, Uday Kotak, its chairman, said lenders have received Rs 14,100 crore. Amount that is in cash with various group entities stands at Rs 16,700 crore. The group has completed sale and purchase agreements forRs 21,000 crore, awaiting approvals from regulatory and legal forums. It also stuck to earlier estimates of resolving debt ofRs 61,000 crore, representing 62 per cent of overall debt of over Rs 99,000 crore as of October 2018.

The New Board and Management of IL&FS, as part of its periodic update on the progress of ongoing IL&FS Group resolution shared that, till-date, it has addressed debt of Rs 52,200 crore across the Group.The Group also maintained its earlier estimate of resolving debt of Rs 61,000 crore, representing resolution of 62 per cent of overall - fund based and non-fund based - debt of over Rs 99,000 crore as of October 2018.The debt of Rs 52,200 crore addressed till date represents 86 per cent of the overall estimated resolution value of Rs 61,000 crore and 53 per cent of total debt. The Group estimates to resolve around Rs 57,000 crore debt by March 2022.

Debt-laden Non-Banking financer Infrastructure Leasing and Financial Services (IL&FS) on Saturday said it has received approval from NCLT for launching phase I of its Infrastructure Investment Trust (InvIT).In a release, the group said that the approval from the National Company Law Tribunal (NCLT) was received on Saturday. With this, six road projects — Barwa Adda Expressway Ltd, Baleshwar Kharagpur Expressway Ltd, Sikar Bikaner Highway Ltd, East Hyderabad Expressway Ltd, Moradabad Bareilly Expressway Ltd and Jharkhand Road Projects Implementation Company Ltd — will be transferred to the newly-formed Roadstar Infra Investment Trust under its InvIT Phase I.

IL&FS has received approval for launching its Phase I of Infrastructure Investment Trust (InvIT) from National Company Law Tribunal (NCLT) today.With this approval, six road projects – Barwa Adda Expressway Limited, Baleshwar Kharagpur Expressway Limited, Sikar Bikaner Highway Limited, East Hyderabad Expressway Limited, Moradabad Bareilly Expressway Limited and Jharkhand Road Projects Implementation Company Limited – will be transferred to the newly formed Roadstar Infra Investment Trust under its InvIT Phase I - basis approvals from Authority and the lenders.

UV Asset Reconstruction Co is set to take over Rs 4,300 crore of loans from the bankrupt Infrastructure Leasing & Financial Services' (IL&FS) non-banking financial company IL&FS Financial Services (IFIN), trumping an initial offer from rival Arcil earlier this month.The resolution is an important step for the Uday Kotak-led board that took over after the spectacular collapse of the infrastructure financier in 2018 to resolve Rs 99,000 crore of stressed debt.

Brookfield Asset Management and Godrej Fund Management, the realty-focused private equity arm of the Godrej Group, are in a close race to acquire the headquarters of IL&FS, an iconic property in Mumbai's financial nerve-centre Bandra-Kurla Complex (BKC), two people with direct knowledge of the development told ET.IL&FS has received two final bids of around Rs 1,000 crore from these institutional investors and the government-appointed board is expected to select and approve the buyer by end-December. "The committee will now proceed with the discussions and negotiations with both final bidders separately. The outcome of these discussions will be placed before the board that will select the buyer by the end of this year," said one of the persons cited above.

The National Company Law Tribunal (NCLT) has allowed IL&FS to sell road projects of IL&FS Transportation Networks through an infrastructure investment trust (InvIT). With this clearance, the company will now be able to issue units of InvIT to key lenders including SBI, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank. The InvIT had already received final registration from Sebi and all other requirements to form the InvIT are in place. The sale of road assets through the InvIT route will address the group's debt to Rs 9,214 crore. An IL&FS spokesperson confirmed the development. "The valuation presents a significantly improved recovery for the creditors of these SPVs as well as group companies who have provided debt to these SPVs," the spokesperson said.

The board of directors of IL&FS Transportation Networks (ITNL) accepted audit firm SRBC & Co's resignation on Tuesday, a day after the firm had placed an offer to resign before the company's audit committee.The company's audit committee had met on October 4, 2021 to discuss the auditor's offer for resignation and after discussions recommended it to the company's board of directors.

IL&FS Financial Services, an arm of IL&FS, has put on the block Rs 4,297 crore of loans that have been classified as non-performing assets. The finance company has said that the 62 loans will be sold all together for an upfront cash payment. Interested parties have been given until October 19 to submit a binding bid.

IL&FS Financial Services (IFIN). wholly-owned subsidiary of Infrastructure Leasing and Financial Services, on Monday placed 62 non-performing asset (NPA) accounts worth Rs 4.297 crore on sale.The lender said the sale of NPAs will be done through the 'Swiss challenge' route.Under the Swiss challenge method, the highest bid in the first round of bidding becomes the base price for bidders, including for the highest bidder, to place counter-bids in the second round of bidding.

Infrastructure Leasing & Financial Services (IL&FS) and its arm IL&FS Transportation Networks Ltd (ITNL) are evaluating replacement of auditor SRBC & Co, an EY affiliate, as their statutory auditor after a damning audit quality review report by the National Financial Reporting Authority (NFRA). The 343-page NFRA report released on Thursday said SRBC did not raise red flags in critical areas like going concern, evaluation of ITNL's investments and loans. Responding to ET's query, IL&FS said discussions were ongoing around the continuation or otherwise of the auditor, and that the audit committee would soon take a call.

Last week, the National Financial Reporting Authority (NFRA) released an extensive audit quality review report on the statutory audit of IL&FS Transportation Networks Limited (ITNL) done by SRBC & Co LLP, an EY network firm. A day before the hard-hitting report was published, R Sridharan, the chairperson of the regulatory body, took time out to speak to ET Prime at his office on the seventh floor of HT House, in New Delhi. In a freewheeling interview, his first, Sridharan spoke on a wide gamut of issues including his early struggles while building the regulator from scratch, fighting regulatory capture by the Institute of Chartered Accountants of India (ICAI), the controversies over the technical advisory committee (TAC) and the road ahead for the regulator.

Audit regulator National Financial Reporting Authority (NFRA) in its audit quality review report in the case of IL&FS Transportation Networks Limited (ITNL) has pulled up the auditor, SRBC & Co, part of EY India network, and said that appointment of the firm was “illegal and void” under the standards of auditing (SAs).NFRA, part of the Ministry of Corporate Affairs (MCA), in a 343-page report on Thursday said that the audit firm did not issue proper red flags in critical areas like going concern, evaluation of ITNL’s investments and loans among other things.

The National Financial Reporting Authority (NFRA) has found major lapses in the audit of IL&FS Transportation Networks Ltd (ITNL) for FY18, conducted by EY network firm SRBC and Co LLP.The audit quality report found that ITNL's losses for FY18 were understated by at least Rs 2,021 crore and that its financial statements did not appropriately value the Rs 3,346-crore exposure to its subsidiaries, associates and joint ventures. The report also found that the appointment of SRBC and Co LLP as statutory auditor of ITNL was illegal, as firms related to the auditor had provided management and other non-audit services that they are prohibited from providing to their clients to ITNL in the relevant period

The National Financial Reporting Authority (NFRA) has found that the initial appointment of the audit firm and its continuation as a statutory auditor of IL&FS Transportation Networks (ITNL) was prima facie illegal and void and that the company's losses were understated.The statutory auditor for ITNL for 2017-18 (FY18) was S.R. Batliboi (SRB) & Co. LLP, which uses the EY brand and trademark for obtaining and providing audit services and is an independent member firm of Ernst & Young Global.In its audit quality review report, the NFRA has said that ITNL's financial exposure to its subsidiaries, associates, and joint ventures - amounting to Rs 3,346 crore - was not properly valued according to the applicable accounting standards.

The government on Wednesday extended the term of Uday Kotak as non-executive chairman of debt-rid¬den IL&FS group by another six months.The government through a gazette notification extended the term of Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank, till April 2, 2022.

The government on Wednesday extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&FS group by another six months.The government through a gazette notification extended the term of Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank, till 2 April 2022. The notification was issued by the department of financial services in the ministry of finance dated 21 September.

The Government has extended the term of Kotak Mahindra Bank managing director Uday Kotak as the non-executive chairman of the IL&FS group by six months through April 2, 2022. In a gazette notification, the Department of Financial Services said "..whereas the Central government, on the recommendations of the Reserve Bank of India, has considered it necessary to grant said exemption to Kotak Mahindra Bank Limited for a further period of six months with effect from the 3rd day of October, 2021."

The Government of India through a gazette notification has extended the term of banker Uday Kotak as the non-executive board member & chairman of scam hit Infrastructure Leasing & Financial Services Ltd (IL&FS) for a period of six months till April 2, 2022.His current term through various extensions is scheduled to expire on October 2, 2021.

While the new board of scam-hit Infrastructure Leasing & Financial Services (IL&FS) has made significant progress in the resolution of Rs 99,000 crore plus debt of the company, the government is pushing for a faster resolution to protect value and creditors interests.IL&FS has already addressed Rs 43,600 crore of debt as of May 2021 and indicated that Rs 50,000 crore of estimated recovery is likely to be addressed by September2021.

Oil and Natural Gas Corporation (ONGC) is looking to buy out Infrastructure Leasing & Financial Services' (IL&FS') stake in Mangalore Special Economic Zone (MSEZ) after protracted negotiations. IL&FS holds 50 per cent equity in the company. The deal is likely to be concluded at 'fair value' after ONGC's attempt to buy out the shadow lender's stake in the joint venture (JV) at deep discount failed, said an official.

IL&FS Financial Services has moved the Supreme Court against a show-cause notice issued by market regulator Securities and Exchange Board of India. At the heart of the controversy is whether Sebi has the powers to initiate regulatory action against entities placed under moratorium as per Insolvency Bankruptcy Code (IBC).The case has been admitted by the apex court and a two-member bench comprising Justices Vineet Saran and Dinesh Maheshwari will be hearing it. The matter has been tagged along with another appeal by IL&FS Securities Services where the contention is the same – Sebi has passed orders against entities under the IBC.

Infrastructure Leasing and Financial Services (IL&FS) Tuesday said it has recovered Rs 33.28 crore through the sale of various vehicles, including luxury cars, and moveable fixed assets.The identification of these assets started in December 2018 and auctions were conducted in various phases, the group said.

The Municipal Corporation of Gurugram (MCG) initiated an inquiry against its concessionaire for the Basai construction and demolition (C&D) waste plant for allegedly subletting the facility to a third party, said officials on Sunday.Officials clarified that they are checking if the same was allowed under the agreement and said that "it could be a violation" of the agreement

IL&FS has floated a request for proposal for selling stake of IL&FS Energy Development Company Ltd (IEDCL) in Shendra Green Energy."Shendra Green Energy Ltd, (SGEL), a 100 per cent subsidiary of IEDCL, is inviting request for proposals (RFP) for potential stake sell of IEDCL stake in SGEL," a public notice said. SGEL, formerly known as GAPS Power & Infrastructure, is a 13 mega watt biomass-based power plant incorporated on 18 February 2005 and situated at Shendra MIDC, Aurangabad, Maharashtra

Infrastructure Leasing and Financial Services (IL&FS) on Tuesday invited expressions of interest (EOI) from eligible investors for its 100% stake in Ramagiri Renewable Energy Ltd (RREL) and purchase of fixed assets of IL&FS Energy Development Company (IEDCL). IL&FS and its group companies collectively hold 95.54% of the total issued, subscribed and paid-up share capital of IEDCL. RREL is a 100% subsidiary of IEDCL.

The managing director of IL&FS Transportation Network Ltd has been arrested in an alleged case of cheating and forgery of around Rs 100 crore, which was amassed on the pretext of investment and stake in the company's Special Purpose Vehicle (SPV) for Gurgaon Rapid Metro project.The directors of the firm allegedly duped the director of another firm, Enso Infrastructures, by offering a 15% stake in the project in lieu of investment of around Rs 170 crore. However, the funds were allegedly siphoned off through bogus bills and invoices to inflate expenses and the stake was never delivered, said additional commissioner (EOW) RK Singh.

Total outstanding dues owed by electricity distribution utilities or discoms to power producers fell 15.25% to Rs 82,305 crore in May from a year ago.Distribution companies (discoms) owed a total Rs 97,111 crore to power generation companies (gencos) in May 2020, according to the portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators).

Nearly three years after taking control of Infrastructure Leasing and Financial Services (IL&FS), the Uday Kotak-led board of directors on Wednesday said that the overall resolution of the group companies is now likely to stretch beyond the current fiscal.As part of its quarterly update on the progress of the ongoing resolution process, the beleaguered infrastructure firm said that the resolution of around 95 entities, with an estimated debt recovery of Rs 3,000 crore, will take place well beyond March 2022. Of the total liabilities of Rs 99,355 crore, the board has so far addressed Rs 29,030 crore through resolution and cash recovery Another Rs 14,643 crore is expected from applications filed with courts, taking its total recovery to Rs 43, 673 crore or 44% of the total group debt.

Debt-laden IL&FS on Wednesday said it expects to address Rs 58,000 crore or 95% of its estimated debt recovery target by March 2022, reports PTI. In April this year, the group had revised its estimates for aggregate debt recovery to Rs 61,000 crore beyond September 2021. The group's overall debt stood at Rs 99,000 crore, as of October 2018. As of May 31, 2021, Rs 43,600 crore or 44% of estimated recovery have been addressed, the group said.

In its latest update on resolution process, IL&FS has said that the group will complete 95% of the estimated recovery, amounting to Rs 58,000 crore, by March 2022. This indicates the resolution process would spill over beyond FY22 to address the high number of residual entities with low recovery potential.Earlier this year, the board had revised upward the recovery target to Rs 61,000 crore from 56% earlier. Of the total debt of Rs 99,355 crore, Rs 29,030 crore has already been addressed through resolution and cash recovery and another Rs14,643 crore is expected from applications filed with courts. The board has projected an additional Rs 7,700-crore recovery by September 2021 and Rs 6,700 crore by March 2022. This will take the overall recovery to Rs 58,000 crore (95%).

The crisis-hit Infrastructure Leasing and Finance Limited (IL&FS) group has addressed a debt of about Rs 43,000 crore and is confident of addressing an additional debt of Rs 14,400 crore, taking its total debt recovery to Rs58,000 crore by March next year. In a presentation, IL&FS says, "Significant portion worth Rs 50,000 crore of estimated recovery would be addressed by September 2021. We expect to address a debt of about 95% or Rs 58,000 crore out of the estimated recovery of Rs 61,000 crore by March 2022. Since there is a high number of residual entities with low recovery potential, it would remain beyond March 2022. The incremental recovery value in these 89 small entities is worth Rs 3,000 crore and will take some more time and we are exploring all options to address this debt, but cannot put a timeline for the recovery."

The resolution of around 95 entities, with an estimated debt recovery of Rs 3,000 crore, of the beleaguered Infrastructure Leasing and Financial Services (IL&FS) group, will take place well beyond March 2022, the board of IL&FS said in its latest update on the resolution process.According to the Board, by March 2022, around Rs 58,000 crore, or 98 per cent of the estimated amount will be recovered, but a large number of residual entities with low recovery potential would still remain beyond March 2022.

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it expects to address ₹58,000 crore or 95 per cent of its estimated debt recovery target by March 2022.In April this year, the group had revised its estimates for aggregate debt recovery to ₹61,000 crore beyond September 2021.

Since taking over IL&FS Group on Oct 4, 2018, the New Board faced significant challenges - Complex corporate structure with 347 entities - 172 domestic, 175 foreign,Rs. 99,000+ Cr debt with very high leverage (debt to equity of 17:1 as of Mar’18),Multiple business verticals, 4 layered structure, presence across 11 countries,Significant intra-group exposure with risks not commensurate to revenue streams,Multiple and diverse stakeholders – Government Cos, State Govts, Indian/ Foreign private players.New Board expects overall recovery of around Rs 61,000 Cr (61%)Recovery estimate includes recovery spanning both, resolution and liquidation.Rs. 43,600 Cr. (44%) of total estimated recovery addressed as of 31 May 2021,Recovery from IBC cases has been 39 % through resolution and 3.5 % through liquidation.

The estimated recovery from the IL&FS resolution process at around 61% of overall group debt is better than the average 39% recovery by lenders under the Insolvency and Bankruptcy Code (IBC) process.According to C S Rajan, MD of IL&FS, the company has managed this through a combination of court-approved sales and settlements. Given that there is no legislative or regulatory regime to deal with group insolvency, the board adopted a multi-pronged approach.

SEBI has restrained IL&FS Securities Services Limited from acquiring any new clients for a period of two in a case related to unauthorised transfer of mutual fund units. The market regulator has also imposed a penalty of Rs 26 crore on the company.SEBI's action is based on a complaint by Dalmia Cement East Limited alleging fraudulent transfer of mutual fund units worth Rs 344.07 crore by Allied Financial Services Pvt. Ltd (AFSPL). Dalmia Group, vide letter dated February 27, 2019, alleged that IL&FS Securities Services Limited, a member of NSE Clearing Limited, was also involved in the fraudulent transfer of the units.

For decades now, both the capital-markets watchdog as also the department of corporate affairs have worked to enhance the role of independent directors (IDs); the Kotak Committee had noted that they form the backbone of the corporate governance framework worldwide as also in India. Apart from the auditors who are to keep vigil on financial transactions, making sure they are kosher, it is IDs who need to keep tabs on the goings-on within a company to ensure everything is above board. In reality, this is next to impossible, given promoters hold an average of 50% of the equity in the top NSE 500 companies—save for the 'professionally' run ones like an ITC or an L&T. Not surprisingly, they run the businesses as their fiefdoms and, given this, it is hard for IDs to blow the whistle as it were. While institutional shareholders are able to get wind of any adverse event, minority shareholders are left clueless. Indeed, the numerous corporate scams of the past decade—and instances of CEOs who have been arrested or charged with impropriety—are evidence that the presence of big-shot IDs has made little difference to the quality of corporate governance. Among the biggest instances of fraud have been Yes Bank and IL&FS and, most recently, the Gautam-Thapar-promoted CG Power, all of which had some big names on their boards.

What Has Worked: IL&FS. Just as some big defaulters have been dealt with kid gloves, similar sympathy was evident in the case of Ravi Parthasarathy, founder and long-term chairman of Infrastructure Leasing & Financial Services (IL&FS). He was finally arrested on the basis of a private complaint, while the government remained perplexingly frozen. Interestingly, the resolution of the gargantuan, 347-company IL&FS group is doing a lot better over three years than what the Reserve Bank of India (RBI) has managed with Punjab and Maharashtra Bank Cooperative Bank (PMC Bank) or PSBs and investigation agencies are doing with scores of other mega defaulters. In October 2018, the government appointed banker Uday Kotak as chairman of a new board (mainly retired bureaucrats) to handle the resolution. It was backed by expensive but crack teams of lawyers and auditors whose success rate now appears better than that of banks and regulators. Here is some data put out by IL&FS. The 347 companies in the group have been reduced to 167 and are expected to drop further to below 100 by the end of the year. This was done by shutting down or selling off a large number of foreign and local subsidiaries. Anyone who has closed a company in India would know the herculean effort and red tape involved in getting this done in less than three years.

IL&FS has recovered Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP), the state's urban planning agency, as interim termination payment in the Gurgaon Metro Project case. This payment follows the Supreme Court's March 26, 2021 order that ruled in favour of IL&FS in the metro case.IL&FS's subsidiaries Rapid Metro Rail Gurgaon (RMGL) and Rapid Metro Rail Gurgaon South (RMGSL) had developed the projects. The Supreme Court order bodes well for IL&FS in its recovery attempt from state governments that have been holding payments after the group went bankrupt. For instance, IL&FS has around Rs 500-crore claims on the government of Jharkhand as annuity on the road projects.

Infrastructure Leasing & Financial Services (IL&FS) on Sunday said it received Rs 1,925 crore from the Haryana Shehari Vikas Pradhikaran (HSVP), the state's urban local authority, as interim termination payment for the Gurgaon Rapid Metro system that is now run by the Delhi Metro Rail Corporation.The Supreme Court had, on March 26, 2021, directed HSVP to deposit 80 per cent of the total debt amounting to Rs 2,407 crore within three months into the escrow accounts of the two IL&FS subsidiaries, Rapid Metro Rail Gurgaon (RMGL) and Rapid Metro Rail Gurgaon South (RMGSL).

Infrastructure Leasing and Financial Services (IL&FS) has received Rs 1,925 crore as interim termination payment from Haryana Shehari Vikas Pradhikaran (HSVP) for the Gurgaon Metro Project, the company said on Sunday.On 26 March, the Supreme Court had directed HSVP to deposit 80% of the "debt due" of over Rs 2,400 crore, on the basis of an audit conducted by the Comptroller and Auditor General of India (CAG), within three months in the escrow accounts of two special purpose vehicles (SPVs)—Rapid Metro Rail Gurgaon Ltd (RMGL) and Rapid Metro Rail Gurgaon South Ltd (RMGSL), which had developed the Gurgaon Metro Project. The SC had said that appropriation of any amount from the escrow accounts shall be subject to further orders of the NCLAT or any other competent legal authority.

हरियाणा शहरी विकास प्राधिकरण (एचएसवीपी) ने आईएलएंडएफएस कंपनी का पैसा लौटाकर रैपिड मेट्रो का मलिकाना हक़ ले लिया है. रविवार को एचएसवीपी की तरफ से १९२५ करोड रुपये कंपनी के बैंक खाते में ट्रांसफर कर दिए गए

IL&FS on Sunday received Rs 1,925 crore from state-owned Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case.This resolution of Rs 1,925 crore forms part of the Rs 61,000 crore total recovery estimated by the new board, led by Uday Kotak, which represents resolution of over 61 per cent of overall debt of around Rs 99,000 crore (fund based and non-fund based) as of October 2018, IL&FS said.

IL&FS has received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case.IL&FS had bagged the two-phased Gurgaon Metro Project developed through subsidiaries and Special Purpose Vehicles (SPVs) - Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL) - in 2009 and 2013.

IL&FS today received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case.This payment, duly received in escrow accounts, comes in compliance of Hon'ble Supreme Court’s Order of March 26, 2021 that ruled in favor of IL&FS in the Gurgaon Metro Project - developed through ILFS subsidiaries and Special Purpose Vehicles (SPVs) - Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL).Further, appropriation of any amount from the escrow accounts shall be subject to further orders of the NCLAT or any other competent legal authority as per the said Order, which would be duly complied with by IL&FS.

PTC India said its board on Thursday approved the acquisition of the energy consulting business of IL&FS Energy Development Company. However, it did not disclose the value of the deal."PTC India Limited's Board in its meeting held on 24th June, 2021 has approved a Letter of Intent (LoI) dated 17th June 2021, for acquisition of the Energy Consulting Business undertaking of IL&FS Energy Development Company, a Group Company of IL&FS, for an undisclosed value, on a Slump Sale basis," it said in a BSE filing.

The Economic Offences Wing of the Tamil Nadu police arrested Ravi Parthasarathy, 69, former chairman of the IL&FS Group, in connection with the alleged cheating of a Chennai-based private limited company to the tune of Rs 200 crore through its subsidiary IL&FS Transportation Networks India Limited (ITNL), Mumbai.Mr. Parthasarathy was arrested by the police in Mumbai and brought to the city on Thursday. He was produced before the Special Court for cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act and remanded to judicial custody for 15 days. He has been lodged in the Saidapet sub-jail.

Former Non-Executive chairman of Infrastructure Leasing & Financial Services (IL&FS) Ravi Parthasarathy was arrested in Chennai on Friday by the Economic Offences Wing (EOW)-II. A statement from EOW-II said he was arrested in a case registered in September last year, while calling him a "kingpin and the mastermind of several crore IL&FS and ITNL financial scam"

The economic offences wing (EOW) of the state CID police unit arrested Ravi Parthasarathy, former founder and CEO of Infrastructure Leasing and Financial Services (IL&FS), in a Rs 200-crore cheating case in Mumbai on Wednesday. He was brought to Chennai by plane and was remanded in judicial custody on Thursday by a city court till June 24. IL&FS Transportation Networks Limited (ITNL), a sister company of IL&FS, was also named in the case.

Grant Thornton Bharat's forensic investigation into IL&FS Engineering and Construction Company Limited (IECCL) — the erstwhile Maytas Infrastructure Ltd — has revealed a wide range of activities bordering on fraud, manipulation and misappropriation.Grant Thornton Bharat's (GT) forensic audit report has alleged that executives at IECCL manipulated revenues, misrepresented facts in the financial statements, refused to write off assets that had gone bad, reversed interest claims recorded in the financial statements, manufactured claims to increase profits, manipulated fixed assets and ignored whistleblowers."The new IL&FS Board decided to appoint GT to conduct forensic audits on some group companies with the purpose of unearthing financial irregularities; finding fraudulent transactions and wrongdoings by the erstwhile management and assess its impact on the ongoing resolution process," an IL&FS spokesperson said.

At a time when the country is facing its worst health crisis and governments and organisations are looking to provide support to citizens and employees respectively, Mother Dairy Fruit & Vegetable Pvt Limited — a wholly owned subsidiary of National Dairy Development Board — has announced a voluntary retirement scheme for its employees, offering a maximum of Rs 20 lakh to eligible employees.

Bank of Maharashtra, one of the public sector lenders which are being reportedly considered for privatisation, is pinning hopes on substantial recoveries from its non-performing assets, which will add to its profitability. A S Rajeev, MD & CEO of the bank, says the ongoing Covid wave will not have a major impact on the lender.BoM earned a net profit of Rs 165 crore in the January-March quarter. The bank has recovered Rs 508 crore from the toxic account of Bhushan Power and hopes to get another cheque of almost the same amount from IL&FS soon. In an interaction with ETBFSI, A S Rajeev, MD & CEO of Bank of Maharashtra, said he does not see a major impact of the second wave for his bank. He also mentioned that they are seeing notable results of end-to-end digital lending platforms which they have created

Scars of September 21, 2018, or India's financial services sector's Black Friday cannot fade easily. Two major housing financiers — Dewan Housing Corporation and India-bulls Housing — saw over 55 per cent single-day crashes in their stock prices caused by fears of redemption in the debt market. That brought to fore that India's then largest non-banking finance company (NBFCs) — Infrastructure Leasing and Financial Services (IL&FS) — was neck-deep in crisis calling for a swift government intervention.With over Rs 1 trillion of loan due to mainly banks and mutual funds, preventing a systemic contagion was top priority. Nearly three years later, banker Uday Kotak, chairman of IL&FS's reconstituted board, is relieved that the aftermath was largely contained. Appointed on October 1, 2018, Kotak and his seven-member team was inducted to resolve the defunct lender's mammoth loan burden.

The new Board of Infrastructure Leasing and Financial Services (IL&FS) on Thursday revised the aggregate debt recovery estimate by the group to Rs 61,000 crore, or about 62 percent of overall debt of over Rs 99,000 crore as of October 2018. "The group has also enhanced its estimates of aggregate debt recovery to Rs 61,000 crore—an increase of Rs 5,000 crore over its earlier estimate," said Uday Kotak, Chairman of the board of IL&FS.The new board that took over the crisis-hit infrastructure group two and a half years ago, had earlier estimated a recovery of Rs 56,000 crore.

The government-appointed board of troubled Infrastructure Leasing and Financial Services (IL&FS) expects to resolve about 60% of the entity's outstanding dues of around Rs 1 trillion by the end of this fiscal

Crisis-ridden Infrastructure Leasing & 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. The debt-laden group has further enhanced its estimates of aggregate debt recovery to Rs 61,000 crore beyond September 2021.In October 2020, IL&FS had targeted to address Rs 50,300 crore of its overall debt by March 2021 and over Rs 56,000 crore by FY22. The group's overall debt stood at Rs 99,000 crore, as of October 2018. "The total money owed by IL&FS to financial creditors was Rs 1lakh crore (including non-fund based exposures).

The board of IL&FS has increased the recovery target to Rs 61,000 crore from Rs 56,000 crore. It also said that Rs 43,000-crore debt has already been resolved.The increased target is nearly 62% of the overall fund and non-fund based group debt of about Rs 99,000 crore as of October 2018. The debt of Rs 43,000 crore addressed to date is nearly 71% of the overall revised targeted recovery value and 44% of the overall debt.

Bankrupt infrastructure financier IL&FS Thursday raised its debt recovery target to Rs 6L000 crore or nearly three-fifths of its total financial borrowings. Its collapse in late 2018 had a cascading effect on the non-bank financing industry where cash flow mismatches became manifest after funding dried up in the aftermath of the IL&FS blowout.Last year, the group said it could resolve loans worth Rs 56,000 crore.

The New Board and Management of IL&FS, as part of its quarterly update process on the progress of ongoing Group resolution process, shared that it has addressed aggregate Group debt of Rs 43,000 crore till date.The Group has further enhanced its estimates of aggregate debt recovery to Rs 61,000 crore – an increase of Rs 5,000 crore over its earlier estimate of Rs 56,000 crore. The increased estimate represents resolution of nearly 62% of overall fund based and non-fund based Group debt of approx. Rs 99,000 crore, as of October 2018.

*About ₹ 43,100 Cr of debt stands addressed, including filings made with NCLT / NCLAT and final orders of Supreme Court awaiting compliance - an increase of ₹ 11,200 Cr since last update in Jan ’21. The New Board estimates overall recovery to be around ₹ 61,000 Cr; an upward revision to its previous estimate of ₹ 56,000 Cr -Improved valuations, better operating performance, enhanced recoveries from non group exposure being major drivers.

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it has sold its entire stake in IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management Private (EverEnviro).This sale will reduce IL&FS' overall debt by Rs 1,200 crore, which is the combined debt of entities under the group's environment businesses, a release said. IL&FS, as the promoter shareholder of IEISL, held 97.54% of equity shares of IEISL. The balance 2.46% was held by IL&FS Employee Welfare Trust.

Infrastructure company IL&FS has sold its stake in environment business to EverEnviro Resource Management, a wholly owned subsidiary of Green Growth Equity Fund managed by EverSource Capital, the company said on Wednesday.IL&FS, as the promoter of IL&FS Environmental Infrastructure and Services Ltd (IEISL), held 97.54% of equity shares. The balance 2.46% was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL held by IL&FS Group has been transferred to EverEnviro Resource Management.

Debt-laden Infrastructure Leasing & Financial Services (IL&FS) said it sold its entire stake in IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management (EverEnviro). This sale will reduce IL&FS' overall debt by Rs 1,200 crore, which is the combined debt of entities under the group's environment businesses, a release said.

IL&FS has sold its stake in Environment business - IL&FS Environmental Infrastructure & Services Limited (“IEISL”) and its subsidiaries - to EverEnviro Resource Management Private Limited (“EverEnviro”), a 100% owned subsidiary of the Green Growth Equity Fund (“GGEF”), India’s leading climate fund, managed by EverSource Capital.IL&FS, as the promoter shareholder of IEISL, held 97.54 per cent of equity shares of IEISL. The balance 2.46 per cent was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS Group, has been transferred to EverEnviroThis sale will reduce IL&FS overall debt by Rs 1,200 crore - which is the combined debt of entities under IL&FS’ environment businesses.

The National Highway Authority of India (NHAI) has paid Rs 693 crore to IL&FS Transportation Networks (ITNL) as compensation for contracts related to Kiratpur Ner Chowk Expressway (KNCEL) and Chenani Nashri Tunnelway (CNTL).

IL&FS has received Rs 693 crore in settlement claims for two road projects from the National Highways Authority of India (NHAI), the company said. This is part of the conciliation process of the NHAI to resolve stuck projects. ITNL, a subsidiary of IL&FS, received the settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway and about Rs 20 crore towards claims for Chenani Nashri Tunnelway Ltd (CNTL) on March 31.

An arm of IL&FS has received Rs 1,804 crore as claim settlement from the National Highways Authority of India (NHAI). This would help the subsidiary address its Rs 3,500 crore debt. "NHAI and the Ministry of Road Transport and Highways have settled aggregate IL&FS claims of over Rs 1,804 crore across six road projects," said an official statement. IL&FS Transportation Networks on March 31, received a settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway and Rs 20 crore towards claims for Chenani Nashri Tunnelway from NHAI.

Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) on Thursday announced completion of 49% stake sale in its Chinese road asset -Chongqing Yuhe Expressway Co Ltd (CYEC). The stake was 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 the IL&FS Group said.

IL&FS Transportation Networks (ITNL), a subsidiary of IL&FS, on Sunday said it has received a settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway (KNCEL) and Rs 20 crore towards claims for Chenani Nashri Tunnelway (CNTL), from the National Highways Authority of India (NHAI).The amount was received on March 31, Infrastructure Leasing and Financial Services (IL&FS) said in a statement

Debt-laden Infrastructure Leasing & Financial Services Ltd (IL&FS) said on Sunday that its unit ITNL has received a settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway Ltd (KNCEL) and Rs 20 crore towards claims for Chenani Nashri Tunneway Ltd (CNTL) from the National Highways Authority of India (NHAI).With these two projects, NHAI and the ministry of road transport and highways (MoRTH) have settled claims of more than Rs 1,804 crore so far across six road projects of IL&FS

ITNL, a subsidiary of IL&FS, on March 31, 2021 has duly received settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway Limited (KNCEL) and Rs 20 crore towards claims for Chenani Nashri Tunnelway Limited (CNTL) - from National Highways Authority of India (NHAI).With these two projects, NHAI and MoRTH have settled aggregate IL&FS claims of over Rs 1,804 crore across 6 Road projects.

In a major step towards resolving overall debt, IL&FS today announced completion of its 49% 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.This is the largest transaction for IL&FS since the sale of its Wind Energy assets to Orix.

Punjab & Sind Bank said on Tuesday that it has classified its loan exposure of Rs 150 crore to IL&FS Transportation Network (ITNL) as fraud. The bank said that it informed the RBI about the fraud on March 30.

The Haryana Government has been directed by the Supreme Court to deposit Rs 1,925crore within three months into an escrow account while hearing a dispute between the state's urban development authority, HSVP and Infrastructure company IL&FS on the Rapid Metro corridor in Gurgaon

In a relief to beleaguered IL&FS, the Supreme Court on Friday directed the Haryana government to pay Rs 1.925 crore to the infrastructure company after the Haryana Shehri Vikas Pradhikaran (HSVP) failed to pay dues to the firm.IL&FS had bagged the two-phase Gurgaon Metro Project, which was developed through its subsidiary SPVs, Rapid Metro Rail Gurgaon and Rapid Metro Rail Gurgaon South, in 2009 and 2013

In a major development, the Hon'ble Supreme Court today ruled in favor of IL&FS in the Gurgaon Metro Project caseAs part of the judgment, the Supreme Court has directed Haryana Shehari Vikas Pradhikaran (HSVP) to deposit 80% of total "debt due" (over Rs 2,400 crore), amounting to Rs 1,925 crore, within 3 months into the Escrow AccountsThe Supreme Court order added that appropriation of any amount from the said Escrow Account shall be subject to further orders of the NCLAT or any other competent legal authority.

Anyone would heave a sigh of relief when something that's stolen from them is restored. The Supreme Court verdict allowing Dalmia Bharat Ltd access to its stolen mutual fund units has resulted in a huge sigh of relief on the Street. The case has also cast aspersions related to corporate governance norms at the company in some quarters, and the court's verdict is therefore being welcomed with open arms.While units worth Rs 380 crore were stuck in the case, the company's market capitalization rose by nearly Rs 750 crore. In February 2019, the company had claimed that certain mutual fund units were fraudulently transferred by its broker Allied Financial Services to its own account. These units were used by Allied Financial Services and its directors as margin with IL&FS Securities Services for futures and options trades

The Supreme Court on Tuesday ordered IL&FS Securities Services (ISSL) to release mutual fund units worth Rs 344 crore to the Dalmia Bharat Group, instruments the cement maker claimed were stolen by Allied Financial Services (AFS) early 2019.While directing the release of mutual fund units, the apex court told Dalmia to furnish bank guarantees of equivalent amounts until the completion of the trial. Shares of Dalmia Bharat rallied 3.5% to Rs 1,526 on Tuesday

National Highways Authority of India (NHAI) has completed settlement of Rs 707 crore towards Fagne Songadh Expressway Ltd (FSEL), a subsidiary of IL&FS Transportation Networks Ltd for foreclosure of the project.FSEL has received the compensation amount on March 9, 2021 and handed over the project to NHAI, ITNL said in a regulatory filing.

A Belgian impact investor with healthcare bets in India is set to take over the management of IL&FS’s only operational private equity vehicle, which counts the sovereign fund of the western European nation among its investors, people told VCCircle.KOIS will take the helm of the fourth fund which was launched around a decade ago by IL&FS Investment Managers, now almost defunct, they said.The Belgian investor reportedly has three bets in India, all in healthcare space: online medical devices platform Medikabazaar, health-tech startup THB and Kanpur-based Regency Hospital.The fund it is taking over has at least two healthcare bets: woman and child healthcare chain OVUM and diagnostics company Lilac Insights.The fund, which is also invested in geospatial-tech startup Transerve and corporate training startup Disprz, has a total of eight operational firms in its portfolio. The management change is being brought about by the limited partners or investors of the fund which is officially called Tara Fund IV, they said. The limited partners include Life Insurance Corporation of India and the Belgian sovereign fund SFPI-FPIM. KOIS declined comment while IL&FS Investment Managers didn’t respond till press time. The trouble started for IL&FS Investment Managers when its parent Infrastructure Leasing & Financial Services (IL&FS) defaulted on a series of loans. This prompted the government to take control of IL&FS, and install a new board that subsequently decided to restructure the infrastructure operator and financier and sell its assets. The group is hoping to pay off $13 billion in debts by selling road, real estate and other assets. In December 2018, it also decided to invite bids to sell the private equity unit. In March last year, Krishna Kumar, the CEO and one of the founding members of IL&FS’s PE practice, stepped down. In July last year, the board of IL&FS Investment Managers approved the appointment of insider veteran Manoj Borkar as new CEO.

When Singapore set up an international financial hub in the late 1960s, the city-state was thinking both fast and slow—seizing an immediate opportunity, and opening a path to long-term economic development. Half a century later, India is attempting something similar in Prime Minister Narendra Modi's home state of Gujarat. But without much thought going into what exactly it's building, for whom and for what purpose, all it may get is a casino for the local rich.For Singapore, the British pound's 1967 devaluation was the moment of reckoning. For one thing, it raised the profile of Dick van Oenen, a Dutch trader who had made a "significant windfall" for both his employer—Bank of America—and for the newly independent city-state from that abrupt 14% change. But beyond the immediate cash, Singapore saw a broader canvas.

Private Sector Lender Karnataka Bank on Friday said it has reported to the RBI a fraud of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now. "The bank has reported to RBI (Reserve Bank of India) a fraud in the credit facilities extended earlier to IL&FS Transportation Networks Ltd with an outstanding balance of Rs 34.16 crore (defaulted entity),' Karnataka Bank said in a regulatory filing.The lender said IL&FS Transportation had availed of credit from it during 2016 under multiple banking arrangement in which Karnataka Bank was one of the members.

The National Company Law Tribunal (NCLT) has given approval for the settlement of Rs 707.70 crore claim made by Fagne Sonagarh Expressway (FSEL), a special purpose vehicle of IL&FS for the expressway project, from National Highways Authority of India (NHAI).The tribunal, chaired by members Mohammed Ajmal and V Nallasenapathy, allowed FSEL to receive the settlement amount of Rs 707.709 crore (subject to any deduction of tax as applicable and any further withholding of an amount of Rs16.93 crores towards royalty payment).

The National Company Law Tribunal (NCLT) has approved the settlement claim of Rs 707.709 crore made by Fagne Sonagarh Expressway Limited (FSEL), a special purpose vehicle of IL&FS for the expressway project, from National Highways Authority of India (NHAI). The settlement amount will be paid by NHAI under the approved guidelines for resolution of road projects that have been stuck for various reasons. The NHAI Conciliation Committee had last year approved the claim for FSEL.

The National Company Law Tribunal (NCLT) has given approval to the settlement of Rs 707.70 crore claim made by Fagne Sonagarh Expressway (FSEL), a special purpose vehicle of IL&FS for the expressway project, from National Highways Authority of India (NHAI).The tribunal, chaired by members Mohammed Ajmal and V Nallasenapathy, allowed FSEL to receive the settlement amount of Rs 707.709 crore (subject to any deduction of tax as applicable and any further withholding of an amount of Rs 16.93 crores towards royalty payment).

The Government has ordered an inquiry into the books of Mother Dairy Fruit and Vegetable Private Ltd (MDFVL), a wholly-owned subsidiary of the National Dairy Development Board.Responding to a question in the Rajya Sabha, Minister of State for Finance and Corporate Affairs Anurag Thakur said, "An inquiry under Section 206 of the Companies Act, 2013 was ordered." Section 206 of the Companies Act gives the Registrar of Companies the power to call for information, inspect books and conduct inquiry with respect to any company. Thakur was responding to a question by Manoj Jha on losses of MDFVL in the Rajya Sabha on February 9.

Unfortunately, the book does not provide much new information and heavily relies on already-published material. It is repetitive about IL&FS' "Rs 91,000 crore debt" and other well-documented failings. In addition, it is complicated for someone new to the arcane subject of project financing. But for someone who wants to understand the IL&FS scam, it could be a good start.

The government is set to amend laws to streamline the functioning, especially the disciplinary aspects, of three professional institutes — the Institute of Chartered Accountants of India (ICAI), Institute of Cost and Works Accountants of India (ICWAI) and Institute of Company Secretaries ofIndia (ICSI).A bill to amend relevant provisions of laws governing the three bodies is expected to be introduced during the second half of the budget session of Parliament. The idea is to step up oversight on the three bodies after a committee suggested several changes al-most three years ago. In fact, some of the proposals have been accepted, the legal changes are being undertaken in consultation with the institutes.

Large unlisted companies of systemic importance will soon have to follow more stringent financial reporting requirements like publicly traded companies, under a government notification issued on Friday, which brings into force a Companies Act provision that the government had introduced last year through an amendment.The corporate affairs ministry will frame rules mandating specified unlisted companies to prepare quarterly or biannual financial statements and get them reviewed or audited. At present, unlisted companies only need to prepare annual financial statements.

The historic contraction in India's gross domestic product (GDP) amid the tense border stand-off with a wealthier nuclear- armed neighbour has prompted Union finance minister Nirmala Sitharaman to promise a Budget like no other.To stand true to her words, Sitharaman will have to address five key challenges confronting the Indian economy. Most of them predate covid-19 but have gained urgency after the economic devastation wreaked by the lockdown imposed following the coronavirus outbreak.

Infrastructure Leasing & Financial Services on Friday said the government-constituted board and management has addressed aggregate debt of about Rs 32,000 crore of the bankrupt infrastructure finance group even as the impact of Covid-19 has delayed its targeted recoveries.The group has estimated that it would address total debt of over Rs 56,000 crore out of overall debt of over Rs 99,000 crore by 2021-22.

The board of Infrastructure Leasing & Financial Services (IL&FS) on Friday said it had addressed nearly Rs 32,000 crore of the group's aggregate debt pile of nearly Rs 1 trillion by the end of the December quarter (Q3) of FY21.The board has also received the necessary approvals for its infrastructure investment trust (InvIT), which targets to resolve approximately Rs 13,000 crore of debt, and plans to launch it soon. It has got the Securities and Exchange Board of India (Sebi) registration certificate, approval from the committee of creditors of IL&FS Transportation Networks (ITNL) for transfer of phase-I assets, and green channel notification for Competition Commission of India (CCI) approval for the InvIT.

Infrastructure Leasing and Financial Services Ltd (IL&FS) will launch its infrastructure investment trust (InvIT) soon, converting the outstanding debt owed to banks in 10 road projects into units of the trust. The InvIT has received all necessary approvals for its launch, a press release from the company said.IL&FS has obtained the registration certificate from the Securities and Exchange Board of India and approvals from the committee of creditors of IL&FS Transportation Networks Ltd for the transfer of phase-1 assets and has completed the green channel notification for approval process for the InvIT from the Competition Commission of India. The InvIT will resolve nearly Rs 13,000 crore of outstanding debt.

The new board of IL&FS has addressed stressed debt worth Rs 32,000 crore as of December quarter, and retained the aggregate recoverable debt at over Rs 56,000 crore by FY22.The group maintains its estimates of addressing out of an overall debt of over Rs 99,000 crore (as of October 2018).

The Management and the New Board of IL&FS Limited, as part of its quarterly update on the progress of ongoing Group resolution process, shared that it has as of date, addressed approx. Rs 32,000 crore of aggregate debt of the Group.The Group maintains its estimates of addressing aggregate debt of over Rs 56,000 crore by FY22, out of an overall debt of over Rs 99,000 crore (as of October 2018).

Against total IL&FS group debt of INR 99,355 Cr as on October 8, 2018, the new board had estimated an overall targeted recovery of INR 56,300 Cr in Oct 2020

IL&FS Solar Power Limited (ISPL) has paid its entire debt amounting to nearly Rs 845 crore to its creditors - including financial and operational debt, thereby helping the IL&FS Group move ahead with the resolution process. This follows pre-payment by Embassy Energy Private Limited (EEPL) for the financial assistance provided by ISPL.The repayments by IL&FS Solar also cover tax and statutory dues, without any preference to any creditor or class of creditors, IL&FS group said in a statement.

IL&FS Solar Power Ltd. (ISPL) said the company had repaid its entire debt amounting to almost Rs 845 crore across all its creditors.ISPL had undertaken construction and financing of a 100-MW AC solar power project for Embassy Energy Private Ltd. (EEPL) for which it had raised secured and unsecured loans.

IL&FS Solar Power Limited (ISPL), an IL&FS Group company, has paid its entire debt amounting to nearly Rs. 845 crore across all its creditors - including financial and operational debt, tax and statutory dues, without any preference to any creditor or class of creditors.ISPL had undertaken construction and financing of a 100 MW AC solar power project in Bellarydistrict, Karnataka, for Embassy Energy Private Limited (EEPL) that was commissioned inFebruary 2018.

The Enforcement Directorate (ED) has provisionally attached shares worth Rs 452 crore, or 8.86 per cent stake, in IL&FS Tamil Nadu Power Company Ltd (ITPCL), allegedly held by a shell company based in Singapore, AS Coal Pte, in connection with its ongoing probe into the Infrastructure Leasing & Financial Services (IL&FS) collapse.Owned by Jaimin Vyas, a British national, AS Coal Pte is accused of defrauding IL&FS and Indian banks allegedly in connivance with the officials of IL&FS and a Chinese EPC contractor SEPCO III.

IL&FS Group has received approval from Supreme Court Justice (Retd) DK Jain for sale of its Chinese Road Asset - Chongqing Yuhe Expressway Co Ltd (CYEC) to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd, a group company of PingAn Insurance (Group) Company of China ("PingAn").IL&FS Group holds 49 per cent stake in CYEC - through its step down Singapore based subsidiary - ITNL International Pte Ltd (IIPL). The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG).

IL&FS Group has received Justice (Retd) D.K. Jain's approval for sale of its Chinese road asset - Chongqing Yuhe Expressway Co Ltd (CYEC) to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin), a group company of PingAn Insurance Company of China.Justice Jain has been appointed to supervise the operation of the resolution process undertaken by debt-laden IL&FS. The sale of the Chinese road asset will allow IL&FS to settle about Rs 2,600 crore of debt at the group level. IL&FS Group holds 49 per cent stake in CYEC - through its step down Singapore-based subsidiary - ITNL International Pte Ltd (IIPL). The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG).

The Ministry of Corporate Affairs has approved the appointment of Mr Nand Kishore as Executive Director of IL&FS.The term of Mr Bijay Kumar, who was Deputy Managing Director, has come to an end on December 20, 2020. Mr Kumar has decided not to seek extension of his tenure.

Infrastructure Leasing and Financial Services (IL&FS) on Sunday said the Ministry of Corporate Affairs has approved the appointment of Nand Kishore as the group's executive director. Till now, Kishore was serving on the IL&FS board as non-executive director, the company said in a release.

The Delhi High Court has allowed audit regulator National Financial Reporting Authority (NFRA) to carry on investigation and issue notices to executives working with BSR & Associates, which was the auditor of IL&FS Financial Services (IFIN). While hearing the case on Wednesday, the court, however, said no order should be made effective or put on the regulator's website without seeking permission of the court. Justice Navin Chawla adjourned the case to March 18, 2021for further hearing.

Indian Bank said it reported to the Reserve Bank of India (RBI)the account of IL&FS Financial Services (IFIN) as fraud withoutstanding dues of over Rs 408 crore as per regulatoryrequirement. In October, Punjab and Sind Bank had said itreported to the RBI the account of IFIN as fraud with anoutstanding dues of over Rs 561 crore.

IL&FS's financial services arm IFIN has put NPA accounts of Essar Shipping, Reliance Naval & Engineering, Unitech, Parsvnath Developers, Ansal API among others on the block. These are among corporate loans of 70 companies worth Rs 5,000 crore that have been put on the block and will be put through a bid process.The deal will be on cash consideration basis with the beleaguered group seeking one consolidated bid for the entire portfolio. Applicants have to submit binding bids by next month.

Audit regulator National Financial Reporting Authority (NFRA) has said that Deloitte Haskins and Sells LLP's appointment as statutory auditor of IL&FS Financial Services Ltd (IFIN) for FY18 was illegal for breaching the ban on hiring firms with direct or indirect business relationships for audit.A spokesperson for Deloitte India said they have contested the findings, adding that the firm has been cooperating with NFRA and that it will look into the order. The regulator said in a supplementary audit quality review report on 7 December that Deloitte was not eligible to be appointed as auditor due to a violation of Companies Act provisions barring certain persons as auditors. The provisions disallow those with "subsisting business relationships" or who offer certain non-audit services directly or indirectly to the company or its associates

The special audit of two key companies of Srei, a leading infra and equipment finance house, will examine their possible links with IL&FS group — India's largest shadow bank whose collapse shrank the bond market and unsettled regulators in the summer of 2018.The audit, directed by the Reserve Bank of India (RBI), will track the end use of money lent by Srei firms against 'letter of awareness' issued by the IL&FS group. Letter of awareness that is similar to 'letter of comfort' is not legally enforceable and (unlike a guarantee) is not captured in the annual accounts of the issuer.

Global institutional investors including the Blackstone Group, Brookfield Asset Management, Singapore sovereign wealth fund GIC, Ivanhoe Cambridge and Mapletree Investments have shown interest in buying the Infrastructure Leasing & Financial Services (IL&FS) corporate headquarters in Mumbai's Bandra-Kurla Complex (BKC), said people with knowledge of the development. Domestic investors such as Godrej Fund Management and realty developer RMZ Corp are also said to have indicated their interest in the marquee property "While the financial bids are yet to be placed, the deal is estimated to fetch around Rs 1,500 crore, given the status and location of the property It has definitely generated significant interest in the investor

IL&FS Group has received Justice (Retd) DK Jain’s approval for sale of Chenani Nashri Tunnelway Limited (CNTL) to Cube Highways and Infrastructure Pte Ltd (CUBE).CNTL is a wholly owned subsidiary of ITNL (an IL&FS company) that, jointly along with its nominees, holds 100% equity of CNTL that has been classified as an amber company.

Infrastructure Leasing and Financial Services (IL&FS) group has received Justice DK Jain’s approval to sell the Chenani Nashri Tunnelway Limited (CNTL) to Cube Highways for a total consideration of Rs 3900 crore. This would help resolve total debt of Rs 4910 crore in which the lender’s would take a 20% haircut.The company will now seek approval from NCLT and NHAI to complete the sale. The proceeds of the sale will be distributed in accordance with the resolution framework, IL&FS said.

Infrastructure Leasing and Financial Services on Tuesday said it has received the approval of Justice (retd) D K Jain - who is overseeing the debt-laden group's resolution process - for sale of Jorabat Shillong Expressway to Sekura Roads Ltd. Sekura Roads is backed by Edelweiss Infrastructure Yield Plus, an infrastructure category-I alternative investment fund.JSEL is a wholly-owned subsidiary of IL&FS Transport Network (ITNL). It has been classified as an amber company.

Justice (Retd) DK Jain has approved sale of Jorbat Shillong Expressway Limited (JSEL) to Sekura Road Limited (SRL).JSEL is a wholly owned subsidiary of ITNL (an IL&FS Company) that, jointly along with its nominees, holds 100% equity of JSEL and it has been classified as an amber company.Sekura Road Limited has bid Rs 916 crore for the entire 100 per cent stake in JSEL.

IL&FS on Thursday said it has received interest for acquiring its energy advisory subsidiary.The subsidiary IL&FS Energy Development Company Limited (IEDCL), will be sold as a going concern, the company said. IL&FS owns 95.94 per cent in IEDCL.

IL&FS Financial Services (IFIN), the non-banking financial company arm of Infrastructure Leasing and Financial Services (IL&FS), is looking to sell its external corporate loan book through an auction.The process of inviting bids will commence next week.IFIN said in a statement that Rs 5,000 crore worth of corporate loans will be sold. The external loan book includes credit to over 70 firms that have turned non-performing assets.

IL&FS Financial Services (IFIN), a 100% subsidiary of scam-hit IL&FS, has decided to sell its external corporate loan book.As per the decision, corporate loans of Rs 5,000 crore would be auctioned through a bidding process, IL&FS said in a statement.

IL&FS Financial Services plans to sell its external corporate loan book worth about Rs 5,000 crore.It would be auctioned off through a bid process, and the public process of inviting bids is likely to be started this week."The sale of the loans would be on cash consideration," the company said, adding that it is part of the overall process to reduce the debt of IL&FS.

IL&FS Financial Services (IFIN) has proposed to auction off its external corporate loan book worth about Rs 5,000 crore through a bid process, in an attempt to reduce the over-all debt of the IL&FS group.The process will be launched this week, a source in the know of the development said. As of March 2019, the assets under management of IFIN stood at Rs 18,000 crore, which includes external, internal loans and internal investments.The company is yet to declare its results for financial year 2019-20.

IL&FS Financial Services (IFIN), a wholly owned subsidiary of IL&FS, is looking to sell its external corporate loan book worth close to Rs 5,000 crore, according to a source. The process, aimed at reducing the overall debt of IL&FS, will be launched this week, the source said.As of March 31, 2019, the non-banking finance company's asset under management stood at Rs 18,000 crore which includes external, internal loans and internal investments. The company is yet to declare its results for 2019-20.

At an e-Adda held last week, Uday Kotak, MD & CEO, Kotak Mahindra Bank, and President, Confederation of Indian Industry (CII), spoke on the impact of Covid on the economy, risk aversion among banks, and how technology will drive business in the future

The setting up of a framework to transfer road assets of IL&FS Transportation Networks (ITNL) into an InvIT has paved the way for resolution of about Rs 13,000-crore worth bad loans.An InvIT or an infrastructure investment trust is a mutual fund-like vehicle that is used to raise money by monetising operational assets. IL&FS has set up Roadstar Infra Private (RIIPL) as a new subsidiary of ITNL to act as a sponsor company for the road assets and has infused Rs 75 crore into it. Another arm, North Karnataka Expressway (NKEL) has been appointed as an investment manager to the proposed InvIT.

IL&FS Securities Services has settled with markets regulator Sebi a case of alleged violation of market norms in respect of its risk participation arrangement with IL&FS Financial Services.The firm paid Rs 7.8 lakh towards settlement charges, as per a settlement order issued n Wednesday.

INDIA'S Banking sector is at the centre of a push to get the economy back on track, working to ease stress on borrowers and stabilise the financial system, after a record GDP contraction of 23.9% in the June quarter.To discuss the way forward and reforms needed to boost growth,Uday Kotak,MD & CEO, Kotak Mahindra Bank,and President, Confederation of Indian Industry (CIl), will be the guest at the Express e-Adda Thursday.

The Management and the New Board of IL&FS Limited today shared its quarterly update on the progress of the ongoing Group resolution process, maintaining its earlier estimates of addressing more than 50 per cent of the overall debt of over Rs 99,000 crore as of October 2018.

IL&FS Board is hopeful that it will be able to address the targetted debt of over Rs 50,000 crore in the current financial year despite the impact of the pandemic.It is hopeful of achieving the targeted debt resolution of over 50 per cent of the overall debt.

Markets regulator Sebi on Friday disposed of proceedings against IL&FS Financial Services Ltd without issuing any direction against it in a matter pertaining to alleged violation of underwriter norms. The firm is a Sebi registered underwriter. The order came after Ministry of Corporate Affairs (MCA) forwarded a report to Sebi to ascertain if the underwriter, which is a 100 per cent subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS), was qualified to be a “fit and proper person” to continue as a Sebi registered intermediary.Serious Fraud Investigation Office (SFIO) had conducted an investigation into the affairs of Infrastructure Leasing & Financial Services Ltd (IL&FS) and its subsidiary companies responsible for the credit crisis.

The Board of IL&FS Group today announced the resignation of Mr Vineet Nayyar as the Executive Vice Chairman of IL&FS Group.Mr Nayyar, has requested the Board to relieve him of his duties as Executive Vice Chairman of IL&FS with effect from October 31, 2020, on grounds of indifferent health.The Board, in its meeting held here today, has accepted Mr Nayyar’s resignation wef October 31, 2020, and granted him leave till then, on medical grounds.

Vineet Nayyar has resigned as Executive Vice-Chairman of IL&FS Group citing medical reasons.

After many years, work on the much-awaited Zojila tunnel would commence after Road Transport and Highways Minister Nitin Gadkari initiates the first blasting for the 14.15- km tunnel on Thursday. The tunnel assumes significance as it will provide aII-weather connectivity between Srinagar Valley and Leh on NH-1, with approach Road to Z-morh Tunnel and Avalanche protection structures. The project has a history of re-bidding as attempts to award the project four times were not successful and was eventually given to National Highways and Infrastructure Development Corporation in July 2016 for implementation on EPC (engineering, procurement, construction) mode.

Crisis-hit infrastructure lender IL&FS has begun the process of selling its corporate home in Mumbai's Bandra-Kurla Complex, inviting bids for the prime 10-storey property that had heralded the suburb's emergence as the Maximum City's new central business district at the expense of Nariman Point.The company hasn't set any reserve price for the asset, said two industry sources with direct knowledge of the development.

GAIL has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure investment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of ₹1,500 crore, two people aware of the development told ET.PwC India is advising GAIL, India’s largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-base power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner.

GAIL has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure in-vestment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of Rs 1,500 crore, two people aware of the development told ET. PwC India is advising GAIL, India's largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-based power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner. IL&FS holds 26% in the power plant, while GIP has a 23.5% stake. The remaining 0.5% is owned by the Tripura state government.

THE GOVERNMENT has allowed Uday Kotak, MD and CEO of Kotak Mahindra Bank, to continue on the board of troubled infra lender IL&FS for one more year till October 2, 2021. This is the second extension for Kotak to continue on the IL&FS board.

AS the IL&FS issues are still pending to be resolved, the Centre on Wednesday has extended the tenure of Uday Kotak as Chairman of IL&FS for one more year, till October 2, 2021. In the year 2018, the Centre had dissolved the fraud-hit IL&FS crisis and had restructured board of the company with Uday Kotak as the chairman of the company.

The government on Wednesday extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&FS group by one year.The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021.

Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday enhanced the penalty amount to Rs 1 crore each on ICRA and CARE Ratings in connection with lapses on their part while assigning credit rating to non-convertible debentures of IL&FS. The crisis at diversified IL&FS, the board of which was superseded by the government, came to light in September 2018 and since then, the company, as well as related entities, has come under regulatory lens.The regulator, in December 2019, had imposed a fine of Rs 25 lakh each ICRA and CARE in the matter, saying the default by IL&FS occurred because of the "lethargic indifference and needless procrastination and laxity" of these rating agencies.

Ahmedabad Municipal Corporation's (AMC) health department sealed two sites, imposed fine of Rs 2.60 lakh and issued 18 notices to different construction agencies, including Metro Rail project, IL&FS, L&T Construction Limited and Tata Project Limited, for failing to take steps to control mosquito breeding.

The capital market regulator has given its nod to IL&FS to set up an infrastructure investment trust (InvIT) that would take over at least 10 road projects of the troubled infrastructure financier and help it resolve debt of nearly Rs13,000 crore. Units of the proposed InvIT will be distributed among key lenders including State Bank of India, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank, people familiar with the development said.The group is expected to start the process of setting up a sponsor company for the InvIT under its subsidiary IL&FS Transportation Networks by the end of this month.

THE IL&FS Group on Wednesday completed the sale of a 73.69% stake in its education business, held under Schoolnet India (SIL), to Falafal Technologies (FTPL), reports fe Bureau in Mumbai. The transaction provides a positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund-based and non-fund based financial debt, without any haircut to lenders, the company said.

The IL&FS Group today completed sale of its 73.69 per cent stake in Education business, held under Schoolnet India Limited (SIL), to Falafal Technologies Private Limited (FTPL).The sale was completed pursuant to the approval granted by the Hon. National Company Law Tribunal (NCLT), Principal Bench vide order dated August 31, 2020.

The IL&FS Group on Wednesday announced that it sold 73.69 per cent stake in Education business, held under Schoolnet India Limited (SIL NSE 2.60 %), to Falafal Technologies Private Limited (FTPL). The sale was completed pursuant to the approval granted by the National Company Law Tribunal.The transaction provides positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund based and non-fund based financial debt, without any haircut to lenders.

What are the new challenges for the board?With respect to the sale process, running multiple processes simultaneously, onerous commercial arrangements with counter parties and the weak external environment have posed challenges. Unexpected lockdown extensions in different parts of the country also impact smooth functioning with regards to external and internal functioning, approval processes and timelines. Some challenges are being faced in realising faster settlement of receivables, due to the IL&FS Group, for the work done. However, we are confident of meeting our stated aggregate debt resolution numbers in these times.

The National Company Law Tribunal (NCLT) has approved the sale of education assets of debt-ridden IL&FS to Lexington Equity Holdings Ltd (LEHL).A two-member Mumbai Bench of the NCLT approved the sale of IL&FS's 73.69 per cent stake in Schoolnet India, formerly known as IL&FS Education &Technology Services, to Falafal Technology Pvt Ltd. Falafal Technology is a step-down subsidiary of LEHL, which already owns 26.13 per cent stake in Schoolnet.

The Covid crisis could not have come at a worse time for the Infrastructure Leasing and Financial Services (IL&FS) board that is in the process of resolving debt of Rs 99,000 crore. On March 12, 2020, the Uday Kotak-led board, which will complete two years in September-end, finally received the National Company Law Appellate Tribunal's (NCLAT's) approval for the resolution and distribution framework for the IL&FS Group. The proposal, incidentally, was submitted in January 2019. However, India went into the lockdown mode just 12 days after the nod from NCLAT.

The National Investment and Infrastructure Fund (NIIF) has begun early discussions to acquire about 49.5% stake in gas-based power plant ONGC Tripura Power Company Ltd (OTPC) for about Rs 1,500 crore, said two people aware of the development.This would be the first investment by the NIIF, India's first infrastructure specific investment fund, in the conventional energy sector.

Debt-ridden IL&FS has proposed to initiate bankruptcy proceedings for two of Its offshore firms — ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) - in the courts of the UAE. IL&FS had requested the Mumbai bench of the National Company Law Tribunal (NCLT) to take on record its proposal to initiate the bankruptcy proceedings before the Dubai courts under UAE Federal Decree.

Crisis-hit IL&FS will invite initial bids for selling its corporate headquarters in Mumbai's Bandra-Kurla Complex (BKC) later this month, about two years after the debt-laden infrastructure lender went bust, two people with direct knowledge of the development told ET.The company is looking to monetise the high-end office property by the end of this financial year and the deal is expected to fetch around Rs 1,500 crore.

IL&FS Engineering & Construction Company on Thursday reported narrowing of consolidated loss to Rs 13.58 crore for the March quarter. It incurred a loss of Rs 127.17 crore in January-March period of 2018-19, it said in a filing to BSE.

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the sale of Infrastructure Leasing and Financial Services' (IL&FS) education assets to Falafal Technology Private Limited, a subsidiary of Lexington Equity Holdings Ltd (LEHL).

WHILE THE new board of IL&FS and the directors appointed by it on the subsidiaries of Infrastructure Leasing & Financial Services Limited (IL&FS) have immunity from prosecution in India for the actions of the group in the past, they may not have the same protection in cases filed against the group firms outside the country.Last month, a Spanish court, while admitting a mandatory in-solvency of Elsamex S.A.U — a subsidiary of IL&FS Transportation Networks Ltd (ITNL) - said that the firm's directors, including CS Rajan, Bijay Kumar and Dilip Bhatia will be liable for penalties if they fail to cooperate with the insolvency process initiated by the lenders of the firm in Spain.

The government on Tuesday awarded the work for construction of a tunnel under Zojila Pass to Hyderbad-based Megha Engineering. This is for the third time when the project to provide all-weather connectivity has been awarded in four and a half years after the earlier contracts had to be terminated for some reason or the other.

The Uday Kotak-led board of Infrastructure Leasing and Financial Services (IL&FS) is looking to auction its iconic corporate headquarters at Mumbai's Bandra Kurla Complex (BKC) as it looks to speed up the company's insolvency resolution process that has been held up by regulatory and legal hurdles

Lexington Equity Holdings Ltd., (LEHL) is set to take over IL&FS education arm Schoolnet India Ltd., after the committee of creditors approved the sale, two people aware of the development said. As per the deal, LEHL would service the entire debt of Rs 600 crore owed by Schoolnet and would pay a small equity to parent IL&FS. LEHL already owns 26% in the company.

The Delhi High Court on Tuesday extended the interim stay on the recent separate disciplinary orders of audit regulator National Financial Reporting Authority (NFRA) against Deloitte, Haskins & Sells (DHS) partners in the IL&FS Financial Services (IFIN) audit for 2017-18.The implementation of the NFRA orders will be on hold till the Delhi High Court hears the writ petitions filed by former Deloitte India CEO Udayan Sen and other two DHS partners. The Delhi High Court at its hearing on Tuesday admitted the additional petitions (modifications) to the writs already filed by the DHS partners on this matter.

The audit regulator, the National Financial Reporting Authority (NFRA), has found lapses in BSR and Associates' audit of IL&FS Financial Services (IFIN) and said it was not eligible to be appointed as the statutory auditor of the firm.In its audit quality review report released on Monday, the NFRA said BSR, a KPMG affiliate, violated the provision of non-audit services and had business relationships with the company at the date of its appointment.

The National Financial Regulatory Authority (NFRA) on Monday said it had found lapses in KPMG affiliate BSR and Associates LLP's audit of IL&FS Financial Services Ltd (IFIN).In its audit quality review report, NFRA found the firm to be in violation of standards. This report will form the basis of any further disciplinary and penal proceedings against BSR.

Infrastructure Leasing & Financial Services Ltd. expects to resolve between 55% and 60% of its nearly 1 trillion rupees debt; Resolution process has been delayed by the complexity of the group that spans 347 entities, coronavirus pandemic; IL&FS says its resolution could be a benchmark for restructuring of large lenders in future : CS Rajan, MD, IL&FS Group

RAISING questions of round-tripping through a maze of firms, an influential Pune-based businessman received over Rs 52 crore from an IL&FS (Infrastructure Leasing & Financial Services Ltd.) group company which he then used to repay his initial loan to the very same IL&FS company.That businessman is Sarang Kale and two of his companies figure in the chain of transactions red-flagged in the forensic audit conducted by Grant Thornton.

The true financial cost of Covid-19 is something India would rather not acknowledge, let alone bear — at least not until the pandemic has played out.That explains why the central bank on Thursday allowed a one-time restructuring of corporate and personal loans that have been under stress ever since Prime Minister Narendra Modi put the country under a severe lockdown in March.

Grant Thornton India uncovered irregularities in the operations and financial management of IL&FS Transportation Networks India (ITNL) and its special purpose vehicles (SPVs), it alleged in a report on the roads unit of the IL&FS network. It also alleged rigging of bids and said lenders extended loans despite being aware of the company's precarious financial condition. Infrastructure Leasing & Financial Services (IL&FS) defaulted on payments in September 2018, triggering a crisis in the shadow banking system. The government-chosen board that took over IL&FS asked Grant Thornton to conduct a forensic audit of ITNL. The board declined to comment when asked what action had been taken against the erstwhile management

Non-banking financial companies' access to funds is probably in its best shape since the implosion of IL&FS even as the borrowing cost has also come down, the Reserve Bank of India said.This is a significant shift from the view in the RBI's financial stability report released in July, which had flagged continued liquidity concerns for NBFCs."The NBFC sector, which was in stress post IL&FS and throughout early part of 2019, has now access to funding at reasonable cost," RBI governor Shaktikanta Das said Thursday "Market financing conditions for NBFCs, which had become challenging, have largely stabilised in the wake of targeted policy measures."

The National Financial Reporting Authority (NFRA) has barred another auditor for five years for alleged professional misconduct in the statutory audit of IL&FS Financial Services (IFIN) for 2017-18.The watchdog has also slapped a fine of Rs 15 lakh on Shrenik Baid, who was a partner in the statutory audit. Baid is at least the third auditor against whom action has been taken by NFRA in the IFIN matter. Deloitte Haskins and Sells LLP conducted the statutory audit of IFIN for 2017-18.

The National Financial Reporting Authority (NFRA) order to debar Deloitte's Udayan Sen has set the alarm bells ringing across the audit firms currently under the investigation of the regulator. Audit firms and their lawyers are studying the 88-page order to understand the regulator's observations and get a sense of which way the NFRA's decision could swing in their case

In the past 22 months, since the Rs 99,000-crore default by Infrastructure Leasing and Financial Services (IL&FS), debt fund managers earning high returns for investors by taking credit risk have mellowed down substantially.Latest numbers from the mutual fund industry show that they are investing much more in safe instruments like G-Secs, PSU debt, T-bills, and others. For example, industry's total allocation to G-Secs, PSU debt, and T-bills stood at 17.4 per cent in August 2018, and at the end of June 2020, it had more than doubled to 37.3 per cent. The data also reveals that during the same period, the debt fund industry's assets under management have barely grown less than 1 per cent from Rs 14.75 trillion to Rs 14.87 trillion.

The National Financial Reporting Authority (NFRA) has debarred Udayan Sen, a chartered accountant and a former CEO of Deloitte India, for seven years for professional misconduct as an engagement (or signing) partner in the statutory audit of beleaguered IL&FS Financial Services Ltd (IFIN) for 2017-18. An order issued by NFRA on Wednesday also slapped a penalty of Rs 25 lakh on Sen.

The national audit regulator has debarred Udayan Sen, former CEO of Deloitte India, for seven years and slapped a penalty of Rs 25 lakh for his role in "omissions/misstatements" in the audit of fraud-hit IL&FS Financial Services."Udayan Sen is debarred for the period of seven years from being appointed as an auditor or internal auditor or undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate," National Financial Reporting Authority (NFRA) said in a statement on Wednesday.

The government-appointed board of failed finance and infrastructure group IL&FS has said that it now expects to recover more than it earlier estimated from the resolution of assets. In October 2019, IL&FS board chairman Uday Kotak had said that the management expects to recover and resolve around half the outstanding debt of Rs 99,000 crore. As against this, the board now projects to address Rs 57,000 crore of debt.

The New Board of IL&FS Limited today shared an update on the progress of the ongoing resolution process across the Group and revised its estimates of debt being addressed to well above 50 per cent of the overall debt of over Rs 99,000 crore.

The New Board had to navigate through complex issues post taking charge on Oct 4, 2018:• 347 entities - 172 domestic, 175 foreign• 99,000+ Cr debt (funded and non funded) with high leverage• Multiple business verticals, 4 layered structure, numerous jurisdictions• Significant intra-group exposure with risks not commensurate with revenue streams

The National Financial Reporting Authority (NFRA) has observed that BSR & Associates did not adhere to standards while scrutinising the accounts of IL&FS Financial Services Ltd (IFIN) in a draft audit quality review, said people with knowledge of the matter. The agency has sought the KPMG India affiliate's comments, they said. BSR and NFRA did not respond to ET's queries. The NFRA, established by the ministry of corporate Affairs (MCA) to monitor and enforce accounting and auditing standards, hasn't made the report public but could do so in the weeks to come, said the people cited above.

Facing delays in finalising bidder due to Covid-19, cash-strapped IL&FS Group is looking at including one more road project - Pune Sholapur Road Development - to its proposed infrastructure investment trust (InvIT), according to a source.It had earlier shortlisted nine road projects with a total debt of around Rs10,800 crore on the proposed InvIT platform and sent it to market regulator Securities and Exchange Board of India (Sebi). The approval for the same is awaited.

Facing delays in finalising bidder due to COVID-19, cash-strapped IL&FS Group is looking at including one more road project - Pune Sholapur Road Development to its proposed infrastructure investment trust (InvIT), according to a source. It had earlier shortlisted nine road projects with a total debt of around Rs 10,800 crore on the proposed InvIT platform and sent it to market regulator Securities and Exchange Board of India. The approval for the same is awaited.

Cube Highways is set to acquire IL&FS Transportation Network arm Chenani Nashri Tunnelway (CNTL), that built the high-profile project in Jammu & Kashmir, in an over Rs 4,000-crore deal that will help the beleaguered company clear some of its debt.During a recent meeting, lenders to CNTL approved the stake sale, which is now subject to approval by the NCLT, bankers told TOI. The cost of this project was estimated at Rs 5,269 crore, with annuities of Rs 634 crore, concession period up to 2032 and overall debt of Rs 4,765 crore

Senior bureaucrat Injeti Srinivas has been appointed as the first chairman of the International Financial Services Centre Authority (IFSCA) for the Gandhinagar-based financial special economic zone or Gujarat International Finance Tech (GIFT) City.On Monday, the department of personnel and training (DOPT) through a notification announced the appointment of the former corporate affairs secretary as the chairman of the newly set up regulator for three years. Srinivas retired on 31May.

The Securities and Exchange Board of India (Sebi) has the power to enhance penalties and levy higher penalty than what was originally imposed, the Securities Appellate Tribunal (SAT) has ruled.The tribunal was hearing a petition filed by Icra Ltd against a second showcause notice issued by Sebi on 28 January seeking to increase the penalty amount. The credit rating agency filed a plea before SAT seeking a stay on the proceedings.

IL&FS Transportation Networks on Friday said one of the lenders of its Spain-based subsidiary, Elsamex has filed a plea for declaration of insolvency of the company."The Management of Elsamex SAU, Spain, a wholly-owned subsidiary of the company, has informed that an application has been filed by one of their lenders in the Madrid Mercantile Court, Spain for declaration of its insolvency," IL&FS Transportation said in a filing to the BSE.

To give relief from unintended tax consequences for individuals participating in YES Bank reconstruction scheme or in regularisation of unauthorised colonies in Delhi, the Income Tax Department has notified changes in laws.These changes intend to provide relief from application of some provisions of Section 56 of Income Tax Act. Now, due to amendments in the rule, the provision of this section will not be applicable in two conditions. First one is related with unquoted shares of a company and its subsidiary and the subsidiary of such subsidiary received by a shareholder, where National Company Law Tribunal (NCLT) has, on an application moved by the Central government has suspended the Board of Directors and appointed new directors. This one will be applicable in Yes Bank reconstruction Scheme and in the matter of IL&FS

NIIF-backed Eversource Capital is set to take over IL&FS Environmental Infrastructure & Services Limited and its subsidiaries, as the former has emerged the highest bidder for them. The deal is likely to reduce the debt of IL&FS Group by close to Rs 1,500 crore, which is the combined debt of entities under IL&FS' environment businesses.

The Supreme Court on Tuesday endorsed the Bombay High Court's decision to put on hold Its Judgment quashing prosecution launched by the Serious Fraud Investigation Office (SFIO) against former auditors of scam-tainted IL&FS—BSR & Associates (a KPMG-afflliated firm) and Deloitte Haskins and Sells.A bench of Chief Justice S A Bobde and Justices M R Shah and A S Bopanna entertained an appeal filed by the Centre challenging the Bombay HC's April 21 judgment quashing prosecution against the two auditing firms, which were earlier associated with IL&FS. The bench agreed to continue the HC's decision to stay its own Judgment for eight weeks and protected the auditors and their employees against any coercive action till further orders.

DEBT-RIDDEN and scandal-hit shadow banking group IL&FS has completed the sale of a 50 per cent stake in Gujarat International Finance Tec-City (GIFT City) to the Gujarat government. The deal will generate a paltry Rs 32 crore in equity value, but will result in a Rs 1,200 crore-odd deduction in IL&FS' consolidated debt."This development represents another key milestone in the overall resolution for the IL&FS group under the new board. As part of the overall resolution plan to address a significant portion of the Group's debt, the sale of a number of other Group assets are currently in various stages of progress," the group said in a release on Monday.

DEBT-LADEN IL&FS on Monday said it has completed the sale of its 50% stake in Gujarat International Finance Tec-City (GIFT City) to the Gujarat government, generating over Rs 32 crore for its equity value and also reducing its consolidated debt by more than Rs 1,200 crore.The stake in GIFT City was bought by Gujarat Urban Development Company (GUDCL), on behalf of the Gujarat government.

Infrastructure Leasing and Financial Services (IL&FS), which has a bad debt burden of over Rs 1 trillion, on Monday completed the sale of its 50% stake in Gujarat International Finance Tec-City Co. Ltd (GIFTCL) to the Gujarat government, represented by the Gujarat Urban Development Co., or GUDCL.IL&FS has received Rs 32.71 crore as equity value for the shares. The sale will additionally reduce its consolidated debt by over Rs 1,230 crore, IL&FS said in a press release.

BARELY three months before IL&FS Group companies ran into trouble with the first default on August 28,2018, SRBC & Co LLC (an arm of Ernst and Young), auditor to IL&FS Transportation Networks India Limited (ITNL), decided to exclude notes on the company's ability to continue operations indefinitely, which in accounting language is referred to as a going concern principle.According to the Grant Thornton forensic audit report, SRBC & Co LLC had earlier taken a decision to make such qualifications in its audit report for 2017-18. But following a meeting with IL&FS and ITNL management, it did not include this in the Emphasis of Matter (EoM) paragraph. If an auditor decides it is important to draw the attention of the readers of financial statements to a particular item, it points out the issue in an EoM paragraph in the audit report.

In the last week of May, the National Company Law Tribunal approved the sale of once-upon-a-time infrastructure development catalyst Infrastructure Leasing & Financial Services' (IL&FS') stake in Gujarat International Finance Tec-City Company Ltd, popularly known as Gift City, to the Gujarat Urban Development Company Ltd, a state enterprise.IL&FS, a so-called core investment company with its finger in every single pie of business spread over 347 companies in India and overseas, holds a 50 per cent stake in Gift City — India's first operational smart city and international financial services centre in Ahmedabad, Gujarat. In 2007, IL&FS had entered into an agreement with the Gujarat government to develop an international financial services city (IFSC). The agreement had an exit clause.

Debt-laden IL&FS on Monday said it has completed the sale of its 50 per cent stake in Gujarat International Finance Tec-City (GIFT City) to the Gujarat government, generating over Rs 32 crore for its equity value and also reducing its consolidated debt by more than Rs 1,200 crore.The stake in GIFT City was bought by Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government.

IL&FS Limited has completed the sale of its 50% stake in Gujarat International Finance Tec-City Company Limited (GIFTCL) to the Government of Gujarat (GOG) represented by Governor of State of Gujarat / Gujarat Urban Development Company Limited (GUDCL). The sale was completed pursuant to the approval granted by the Hon. National Company Law Tribunal (NCLT), Principal Bench vide order dated May 22, 2020.

IL&FS TRANSPORTATION NETWORKS, a group company of the troubled IL&FS Group, on Friday reported a standalone loss of Rs 17,000.32 crore for fiscal year 2019-20, amid Covid-19 disruptions. The company had clocked a standalone profit of Rs 251.76 crore during the fiscal 2018-19, it said in a regulatory filing.

The Forensic Report by Grant Thornton India on the books of accounts of lL&FS Transportation Networks India Limited (ITNL) reveals that its auditor — Deloitte Haskins and Sells — assisted the company to tweak the language of the Letter of Assurances (LOAs) issued by the company in a bid to avoid disclosure of contingent liability in its financial statements and then failed to flag the same in its audit reports. ITNL is a group company of financial firm IL&FS.The issue relates to LOA/Letter of Comfort (LOC) issued by ITNL in order to help borrowing at the special purpose vehicle (SPV) level for projects facing cost over¬runs or that required bridge funding. The Grant Thornton report, seen by The Indian Express, shows that there are at least 19 instances where ITNL issued LOA/LOC for loans sanctioned by group company IL&FS Financial Services (in 16 instances) and other financiers (3 instances) — aggregating to over Rs 2,700 crore — to various external parties who were also vendors of ITNL.

IL&FS Group has undertaken a top fleck reshuffle after its chief operating officer N Sivaraman, who was leading the asset-monetlsation programme for the beleaguered group, put in his papers.Three executives will now lead the asset monetisation and InvIT (Infrastructure Investment Trusts) programme as the group, which saw the government take charge a little under two years ago, races against time to sell assets to realise as much value as possible. At last count, the government was hoping to raise around Rs 55,000 crore to repay a debt of nearly Rs 94,000 crore. While the estimate was pre-lockdown, some of the assets may now see more muted Interest, given that a few of the bidders themselves are facing financial distress.

VETERAN banker Uday Kotak, managing director and CEO of Kotak Mahindra Bank Limited has assumed office as the president of the Confederation of Indian Industry (CII) for 2020-21, the chamber said Wednesday.Kotak takes over from Vikram Kirloskar, chairman and managing director of Kirloskar Systems Ltd and vice chairman of Toyota Kirloskar Motor.

An audit report has revealed that IL&FS Transportation Networks India did not disclose as 'contingent liabilities' loans amounting to Rs 2,570.50 crore sanctioned by sister concern IL&FS Financial Services — despite providing assurance letters — to avoid rating downgrade. These loans Issued to third parties, who were also vendors to ITNL, didn't follow required standard operating procedures (SOPs), or any formal policy or protocol regarding approval from the board of directors or committee of disputes (COD)—Increasing the risk exposure of the company, it said. ET has seen a copy of the Grant Thornton India report.

The previous management of debt-laden Infrastructure Leasing and Financial Services (IL&FS) surreptitiously attempted to hide the dire financial condition of the company, conceal cash flow stress and mislead regulators into adopting a restructuring plan, according to a forensic report reviewed by Moneycontrol.The audit findings by consultancy Grant Thornton (GT) reveal that the management knew about the financial challenges that the group was facing since 2016 and it had also discussed with the Reserve Bank of India (RBI) to make necessary regulatory amendments to facilitate fundraising at the holding company level.

THE National Company Law Tribunal (NCLT) on Wednesday approved the stake sale of IL&FS in Gujarat International Finance Tech-City Company Limited (GIFT City) to the Government of Gujarat for Rs 32.7 crore.The Gujarat International was set up as an equal joint venture between the state government, via Gujarat Urban Development Company Ltd (GURDCL) and IL&FS to develop an integrated township and financial services hub. Last year, the Gujarat government had applied for buying the 50 per cent stake inthe joint venture.

Debt-laden IL&FS will sell its entire stake in Gujarat International Finance Tec-City Limited (GIFTCL) to the Gujarat government.IL&FS has a 50 per cent stake in GIFTCL, which comprises a multi-services Special Economic Zone (SEZ) and International Finance Services Centre (IFSC) totaling approximately 6 lakh square feet.

The Gujarat government is set to acquire IL&FS' 50% stake in GIFT City for Rs 32.70 crore exercising its right of first refusal. The court agreed to the deal noting that the sale value was higher than the fair value as the company had a negative equity value as assessed by RBSA advisors.The stake sale in GIFT city is part of the Uday Kotak-led board of IL&FS to liquidate assets of the group which has total debt of nearly Rs 1 lakh crore and has defaulted on its repayment obligations. The sale has been approved by a committee of creditors to who IL&FS owes money

Top executives of a subsidiary of debt-laden Infrastructure Leasing and Financial Services (IL&FS) colluded with a Mumbai-based contractor to hand out lucrative tenders through suspicious transactions and rigged bidding, according to a forensic audit reviewed by Moneycontrol.The findings of the forensic audit by consultancy Grant Thornton of IL&FS Transportation Networks India Limited (ITNL) shed new light on events that led to the financial ruin of IL&FS, which committed a number of defaults and roiled India’s shadow banking sector due to consequent concerns of a larger bad debt crisis. The government was finally forced in 2018 to replace the IL&FS management with a team led by banker Uday Kotak.

The IL&FS group said on Monday that it had invited expressions of interest (Eols) for the purchase of its stake in ONGC Tripura power plant joint venture. The group holds 26 per cent interest in the gas-based power plant. According to people in the know, ONGC could also bid for this stake.In order to monetise the investment made by the IL&FS group in ONGC Tripura Power Company (OTPC), EOIs are invited for the acquisition of its 26 per cent stake, subject to necessary approvals, IL&FS said.

The Bombay High Court on Tuesday cancelled temporary bail granted by a Sessions Court to Hari Sankaran, former Infrastructure Leasing and Financial Services (IL&FS) vice chairman in view of the COVID-19 pandemic.A single-judge Bench of Justice C V Bhadang heard a plea via video conference filed by the Serious Fraud Investigation Office (SFIO), challenging the order passed by the court on April 28 granting Sankaran temporary bail.

In a major step towards resolving around Rs 2,500 crore debt, the PingAn Insurance (Group) Company of China has turned out to be the highest bidder for the IL&FS stake in Chinese Chongqing Yuhe Expressway Co Ltd (CYEL).According to sources, PingAn has bid for the IL&FS stake in CYEL at an aggregate equity valuation of around $250 million, covering 100 per cent debt of CYEL.IL&FS holds 49 per cent stake in CYEL through its Singapore-based subsidiary ITNL International Pvt Ltd. The balance majority stake in CYEL is held by Chongqing Expressway Group.

Chinese insurance major Ping An has emerged as the highest bidder for IL&FS stake in Chongqing Yuhe Expressway Co (CYEL) with lenders too approving the proposal in-principle.The sale will resolve nearly Rs 2,500 crore of overall IL&FS debt. The company's bid at an aggregate equity valuation covers 100% debt of CYEL, official sources told TOI. IL&FS holds a 49% stake in CYEL, a company incorporated in mainland China, through its Singapore-based subsidiary ITNL International Pte, with the remaining held by Chongqing Expressway Group.

Crisis-hit IL&FS inches closer to restructuring its debt of over Rs 6,700 crore as its subsidiary IL&FS Tamil Nadu Power Company (ITPCL) has received RP4 ratings for its debt from Crisil.IL&FS spokesperson confirmed the company having received RP4 rating for ITPCL, a precursor for moving forward on the restructuring proposal involving over Rs 6,700 crore debt.Debt facilities or instruments with RP4 rating are considered to have moderate degree of safety regarding timely servicing of financial obligations.

Lenders to IL&FS Tamil Nadu Power Company (ITPCL), which is undergoing insolvency proceedings, are likely to meet this week to finalise a restructuring plan, a source said. ITPCL is a special purpose vehicle (SPV) incorporated by the IL&FS Group under its energy platform (IEDCL) for implementation of a thermal power project at Cuddalore in Tamil Nadu.

The Centre plans to contest in the apex court a Bombay High Court ruling that disallowed a government petition that had sought to take action against Deloitte and KPMG-affiliate BSR & Associates LLP, auditors of the crisis-hit IL&FS Financial Services (IFIN).A top official source said the Ministry of Corporate Affairs (MCA) is going to contest the order primarily on the "question of law".

In a major relief to the former auditors of IL&FS Financial Services (IFIN), the Bombay High Court (HC) on Tuesday quashed the criminal com-plaint against Deloitte Haskins & Sells and BSR Associates, an affiliate of KPMG, filed by the Serious Fraud Investigation Office (SFIO) terming it unsustainable.However, the court upheld the constitutionality of Section 140 (5) of the Companies Act, 2013, but said it is not applicable to auditors who have resigned.

IN A major relief to former Infrastructure Leasing & Financial Services (IL&FS) auditors BSR & Associates (a KPMG-affiliated firm) and Deloitte Haskins and Sells, the Bombay High Court on Tuesday quashed criminal prosecution against the auditing companies before a special court in Mumbai.The court quashed the prosecution based on a criminal complaint filed by the Ministry of Corporate Affairs' Serious Fraud Investigation Office (SHO) against the auditors, who were accused of connivance in the IL&FS financial fraud case, observing it to be 'non-maintainable'. The SFIO filed a complaint on May 30.

Cash-strapped Infrastructure Leasing & Financial Services (IL&FS) today said it has sold its 100 per cent stake in IL&FS Wind Power Services Ltd (IWPSL) to Orix Corporation, Japan for Rs 6.05 crore.IWPSL, a wholly-owned subsidiary of IL&FS Energy Development Company Limited, is engaged in providing supervisory and management support services to seven operating wind power generating special purpose vehicles.

Cash-strapped Infrastructure Leasing & Financial Services Ltd (IL&FS) on Thursday said it has sold its 100% stake in IL&FS Wind Power Services Ltd (IWPSL) to ORIX Corporation, Japan, for Rs 6.05 crore. IWPSL, a wholly-owned subsidiary of IL&FS Energy Development Co. Ltd., is engaged in providing supervisory and management support services to seven operating wind power generating SPVs.

IL&FS has completed the sale of IL&FS Wind Power Services Limited (IWPSL), a wholly owned subsidiary of IL&FS Energy Development Company Limited (IEDCL), to ORIX Corporation, Japan. IWPSL is engaged in providing supervisory and management support services to seven Companies that own and operate wind power generating assets. Earlier IL&FS Group had divested 51% equity stake held in the Wind Companies to ORIX.

The Union Road Transport and Highways Ministry, in consultation with the National Highways Authority of India (NHAI), is drawing up a 10-point agenda to get the construction activity up and running once the national lock-down is lifted. Swift clearances of arbitration claims to infuse liquidity into construction companies tops the list.The authority has also begun work to iron out payment issues faced by contractors, and design standard operating procedure that will lay down precautions and keep health risk factors in mind, before work on construction resumes.

Describing the Infrastructure Leasing & Financial Services Ltd matter as a blessing in disguise, corporate affairs secretary, Injeti Srinivas, has said that it forced the government to take the bull by its horns and address the difficult issue of corporate governance

ITNL Offshore PTE Limited, a Singapore-based subsidiary of IL&FS-owned ITNL, has urged its Singapore bondholders to defer the winding-up petition as a result of the Covid-19 outbreakIOPL has raised $141 million dim-sum bonds, at 7.5 per cent, payable in 2021, which was guaranteed by ITNL.

Faced with a winding-up petition in a Singapore court, an overseas subsidiary of an IL&FS group entity, has told its bondholders to defer the plea, as a proposed asset sale in China has got delayed due to the Covid-19 outbreak.The company said it wants to engage in a consensual discussion with them regarding its obligation.ITNL Offshore PTE Ltd, the Singapore-based subsidiary of IL&FS-owned ITNL, has urged its bondholders to defer the winding-up petition and allow its group company, IIPL, to complete the sale of stake in a Chinese Expressway project to resolve around Rs 2,500 crore of debt and pay its secured and unsecured creditors.

The ministry of corporate affairs is set to make major changes to the framework of statutory audits to ensure that managements cannot arm- twist or tempt auditors into overlooking governance lapses.The proposed changes will mostly be through rules under the Companies Act as well as through changes to auditing standards so that no major change in the law is required, said two people familiar with the discussions in the government

In Mind without Fear, Rajat Gupta tries to make out that he is victim and not culprit. The ex-McKinsey boss contends that New York prosecutors went after him because they could not catch the big fish in the financial scandals of 2008, and therefore wanted to show success in chasing smaller fry. It is of course true that the "masters of the universe" (in Tom Wolfe's evocative phrase) who ran the big investment banks were involved in chicanery and fraud, and got away, but that is nothing new. More often than not, the big financial fish are Teflon-coated. The rigging of the Libor (London inter-bank offered rate) market, crucial for setting interest rates, went on for more than two decades. Yet only a single UBS trader was penalised. Similarly, after the 2008 financial collapse, a single small-timer was convicted for illegality- as a footnotein the film version of The Big Short informs us.In India's age of financial scandal, with YES Bank and the incredible Rana Kapoor in focus, no questions are being asked of its board of directors and senior management. It's no different with the 2018 collapse of IL&FS; key players have not yet been questioned,let alone prosecuted. Indeed, India's prosecutorial establishment would collapse under system over-load if all the mountebanks in the system had to be brought to justice.

In its final judgement on the insolvency proceedings against Infrastructure Leasing& Financial Services (ILFS), the National CompanyLaw Appellate Tribunal (NCLAT) approved the resolution framework proposed by thegovernment, on Thursday.Rejecting the opposition of the creditors, the two-judge bench headed by Justice SJ Mukhopadhayasaid the money invested in IL&FS by the Life Insurance Corporation (LIC), State Bank of India (SBI), Central Bank of India and the ILFSEmployees Welfare Trust, among others constituted public money, and hence the distribution framework under the Insolvencyand Bankruptcy Code (IBC) should not be followed.

The National Company Law Appellate Tribunal (NCLAT) Thursday accepted a fresh distributionframework for Infrastructure Leasing & Financial Services (IL&FS) suggested by the central government and SBI, which had proposed that there should be "fair and equitable" distribution of funds to all creditors.This plan was opposed by other creditors who had suggested that Section 53 of the Insolvency and Bankruptcy Code (IBC), which gives preference to financial creditors over operational and all other kinds of creditors, be used for the resolution.

The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the government-appointed board of the debt-laden IL&FS to conclude resolution of all its entities, preferably, within the next three months and distribute receivables on a pro-rata basis, as was suggested by the Uday Kotak-led IL&FS Board.The appellate tribunal also said the National Company Law Tribunal (NCLT) or the appellate tribunal has ample power to pass interim order in terms of Section 242(4) of the Companies Act and there was no need to modify or recall such orders issued earlier

The National Company Law Appellate Tribunal (NCLAT) on Thursday approved the resolution framework for troubled IL&FS Group and sought the conclusion of resolution of all the entities, preferably within 90 days, while also clearing the formula for distribution of the sale proceeds to clear liabilities that add up to Rs 91,000 crore.In a 101-page order, NCLAT chairman Justice S J Mukhopadhaya set aside the question of jurisdiction and asserted that the cases will be decided by appellate tribunal.

The National Company Law Appellate Tribunal (NCLAT) on Thursday rejected the objections raised by creditors over distribution of funds under the revised distribution framework in the Infrastructure Leasing and· Financial Services (IL&FS) matter, saying it would be against public interest. "We accept the suggestion of pro-rata distribution as suggested by Union of India and the procedure as suggested by it for the purpose of completing the resolution process," said NCLAT Chairman SJ Mukhopadhaya

Lenders to bankrupt Infrastructure Leasing and Financial Services Ltd (IL&FS) expect to be able to offload some of the company's poorly performing road assets into an infrastructure investment trust (InvIT) by April, two people aware of the development said, requesting anonymity. They may, however, have to wait longer than their one-year lock-in period to make money from the assets, which would further extend the time-frame for resolving the IL&FS crisis

Company Appeal (AT) No. 346 of 2018Union of India Vs Infrastructure Leasing &Financial Services Ltd. & OrsWith Company Appeal (AT) No. 347 of 2018Infrastructure Leasing and Financial Services Ltd. Vs Union of India & Ors.

The liquidity position of housing finance companies is normalising and growth in the sector post IL&FS default is stabilising, according to the National Housing Bank. Going by the Q3 FY20 numbers, it sees a clear sign of growth pick-up. With Q4 being the peak period in the housing finance sector and Rs 20,000 crore of undrawn refinance sanctions available to HFCs, NHB expects a significant uptrend in their fresh sanctions and disbursements in the quarters ahead

At a time when Rana Kapoor, former MD and CEO of Yes Bank and his family are under investigation on charges of alleged money laundering and grant of suspicious loans extended by the Bank to various groups in the country, data sourced from top sources in the financial industry show that at least 44 companies, belonging to 10 large Indian business groups, accounted forbad loans of over Rs 34,000 crore of Yes Bank.

Given the dramatic rise in the number of resignations by independent directors, from 767 in 2018 to 1,393 in 2019, perhaps because of increasing risk of prosecution following corporate fraud and mis-governance, it is not surprising that the government should want to take some steps to check this. After all, if there aren't enough people willing to takeup this job, how will corporate India find enough independent directors that are now required as part of the law? The corporate affairs ministry has ordered that nocriminal or civil proceedings should be initiated against independent directors and non-executive directors of a company unless there is proof of complicity in an actof fraud/default; in any case, it has said that no prosecution can be initiated without the explicit approval of the government.There is, however, a flip side to this. The idea behind having independent directors on a company's board was to get another check on management and promoters- that is why the independent director was not to be related to the management/promoters, nor have a business relationship with them. But, if the independent director is to be completely shielded, and continue to get fat salaries/ commissions from firms, what is to even ensures/he will function as well?

Being steered by a government-appointed and eminent banker Uday Kotak-led board on its path to recovery, crisis-hit IL&FS has sought extension of bid validity for five road projects that are faced with debts totaling over Rs 10,000 crore. Infrastructure Leasing & Financial Services (IL&FS) had received time-bound binding bids for these five road projects, but the validity of those bids expired on February 29.

On Thursday, The Employees' Provident Fund Organisation (EPFO) decidedto lower the interest rate on provident fund savings to a seven year low of8.5 per cent for 2019-20, down 15 basis points from 8.65 per cent in the previous year. The decision was ostensibly shaped by two factors: First, lower return on government securities, and second, the desire to withhold a higher surplus because of economic uncertainties. Being one of the largest social security organisations in the world - it has over 60 million active users - any reduction in interest rates is unlikely to be popular with its contributors. However, this is a welcome move. With interest ratesfalling across the economy - yields on both central and state government debt have been falling over the past year with the monetary policy committee cutting the benchmark repo rate by 135 basis points over the past year - paying a rate that is out of line with that in the broader economy will end up being unsustainable.

Each time there is a failure, whether Satyam or IL&FS, we find regulators failed, as did auditors, boards of firms, etcThe collapse of Yes Bank is yet another black mark for India Inc. As thenews unravels, one wonders what there is to applaud about the country'sentrepreneurship skills given the large number of businesses-bigand small-that have come undone in the past few years.Without doubt, there have been some tremendous success stories, and several world beaters have been built. But, for every Infosys, Wipro, HDFC Bank, or a Kotak Mahindra Bank there is a Satyam Computer, Bhushan Steel, or an Essar Steel.

India's shadow banking sector seems to be coming out of its blues and banks have opened their credit tap. However,the bond markets continue to be suspicious as some non-banking finance companies (NBFCs) continue to default or are struggling to get buyers in resolution processes.NBFCs are certainly not as flush with liquidity as they were in the pre-IL&FS period, but Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday that the stress had been contained to three-four large firms, from 10-12 a few months ago.

THE NATIONAL Company Law Appellate Tribunal (NCLAT) onWednesday dismissed a plea moved by audit firms Deloitte Haskins & Sells and KPMG arm BSR & Associates, aswell as their independent directors, against impleadment in an ongoing investigation in their role in the alleged fraud at the debt-laden Infrastructure Leasing & Financial Services Limited (IL&FS).In its ruling, the NCLAT said that the judgment of the National Company Law Tribunal (NCLT) could not be termed as illegal and that the tribunal was empowered to pass order to implead the auditors as well as independent directorsif "it forms opinion that the affairs of the company have been conducted in a manner prejudicial to the public interest".

The Hongkong and Shanghai Banking Corp. (HSBC) Ltd has moved a winding-up petition against a subsidiary of IL&FS Transportation Services Ltd (ITNL) in a Singapore court to recover dues of Rs l,060 crore, information from the Singapore government gazette showed.HSBC is seeking to recover its investment in ITNL OffshorePte. Ltd's bonds maturing in 2021, this is the first such case against the firm filed by an overseas lender. The casewill be heard on 20 March.

Lenders to bankrupt infrastructurefinancier IL&FS have cleared thesale of three road projects that wouldfetch them nearly Rs 6,250 crore. The committeeof creditors approved the sale ofChenani-Nashri Tunnel to Cube Highwayswith a vote of over 90 % . While the saleof Pune Sholapur Road to Italy-headquarteredAutostrade was cleared with a voteof 84 % and Jorabat Shillong Expresswaywill be sold to Edelweiss-backed SekuraRoads with a 100 % vote.IL&FS confirmed that it had received lenders'approval for sale of these projects.

Mumbai-based Business Conglomerate Shapoorji Palonji Group and two other companies have evinced interest forconstruction of Gujarat's first tech park to be developed at Gujarat International Finance-Tech (GIFT) city situated on the outskirts of state capital Gandhinagar."State owned Gujarat Industrial Development Corporation (GIDC) is promoting the Rs 300 crore tech park project. Apartfrom Shapoorji Palonji Group, two other Gujarat based companies PSP projects and Cube Construction are in the race for the construction of nearly 6 lakh sq ft space in GIFT City;" said a senior official with the state government.

A forensic report on the finances of IL&FS Transportation Networks India (ITNL) has alleged the involvement of the earlier management of defaulting financier IL&FS, the parent of the roads company; in suspected money laundering of more than Rs 6,500 crore, sources close to the probe told ET.The report names former chairman Ravi Parthasarathy as the 'prime mover' and indicates that in at least 14 special purpose vehicles (SPVs) linked to ITNL, costs were deliberately inflated through delays using a using a maze of shell and dummy companies to make the projects eventually untenable.

The National Financial Regulatory Authority (NFRA) has initiated disciplinary action against Deloitte Haskins & Sells (DHS) for alleged lapses in its audits of IL&FS Financial Services (IFIN)."The first step would be to issue a show-cause notice to the audit company, before any action is taken ... It is in the works," a senior government official told Business Standard.The regulatory body had said in an audit quality review report that quality control systems and processes at DHS were "severely inadequate and ineffective".

Edelweiss-backed Sekura Roads has been declared highest bidder for two IL&FS road projects for a combined bid value of 1 ,428 crore which would entail a haircut of 22 % to the lenders. Both the projects, Jharkhand Infrastructure Implementation Company (for bid value of Rs 512 crore) and JorabatShillong Expressway (for bid value of Rs 916 crore), have a total debt of Rs 1 ,834 crore.Italy headquartered Autostrade has also won the bid for the Pune Sholapur Road at a bid value of Rs 1,404 crore, a haircut of 27% to the lenders.The project has total debt of Rs 1,925 crore. The committee of creditors will vote on these HI bids in the coming week.

Resolution for IL&FS's five road assets hangs in the balance as bid validity for these projects is set to expire by month-end. In a last-ditch effort to finalise the sale of these assets, the group will now seek lenders' approval through e-voting.

IL&FS proposes InvIT for Road Assets. Proposal submitted to SEBI; Group wants to compensate lenders by offering units at zero cost. IL&FS has proposed the creation of InvIT to house the Group's Road Assets and compensate lenders by offering units at Zero cost.

Singapore-based infrastructure investment platform Cube Highways has won the bid to acquire India's longest road tunnel- the 9.2-km Chenani- Nashri project in Jammu & Kashmir-for Rs 3,929crore, multiplepeople aware of the matter said. The IL&FS board has declared Cube as the highest bidder (Hi), and invited lenders to vote for the sale through the e-voting process.The tunnel proj ect has a debt of around Rs ,454 crore and a sale of the asset will help bring down the overall debt position of the company.

THE DEPARTMENT of Economic Affairs (DEA) raised "red signals" about the possible collapse of Infrastructure Leasing & Financial Services (IL&FS) in September 2018 and the impact it would have on the economy, the Ministry of Corporate Affairs (MCA) has said.Days later, on October 1 that year, the government moved the National Company Law Tribunal (NCLT), seeking to supercede the IL&FS board and appoint a new board in its place. The government's plan was approved by the NCLT on October 2.

Sale of Schoolnet India, the education arm of IL&FS, has hit a roadblock after its shareholder Lexington Equity Holdings said it is unwilling to sell its stake in the company to the highest bidder

The government has approached the NCLAT seeking an additional 270 days to complete the 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 theirdebt obligations.

SIXTEEN MONTHS after the new board took charge of Infrastructure Leasing & Financial Services (IL&FS) Group and having spent nearly Rs 100 crore in fees, the new board under the chairmanship of Uday Kotak has not been able to get the resolution plan approved.This has led to delay in the overall resolution of IL&FS debt. Since the new board took over in September 2018, IL&FS has only been able to complete the sale of its wind energy assets, thereby leading to a debt resolution of Rs 4,300 crore out of the total debt outstanding of around Rs 94,000 crore.

Crisis-hit IL&FS Group has received approvals from various government authorities for claims worth about Rs 2,700 crore towards stuck or incomplete road projects, officials said. The NHAI Conciliation Committee recently approved a claim for approximately Rs 707 crore for the ILFS-Fagne Songadh Expressway Limited project (in Gujarat-Maharashtra border area), while the committee had earlier approved claims of Rs 902 crore for the Khed Sinnar Expressway project (in Maharashtra).Other projects for which claims have been approved include Kiratpur Ner Chowk Expressway Limited for Rs 672 crore (in Himachal Pradesh) and Jorbat Shillong Expressway Limited for Rs 252 crore (Meghalaya). Additionally, the Ministry of Road, Transport and Highways had cleared claims of ITNL Road Infrastructure Development Company (IRIDCL) for Rs 144 crore.

Market regulator has sent fresh notices to rating companies for failing to warn bond holders of IL&FS in time about the scam in the shadow lender after its Board disapproved lower penalty imposed on them on December 26

ITNL was building two stations on Phase I extension.Chennai Metro Rail Limited (CMRL) has terminated the contract of IL&FS Transportation Networks Limited (ITNL) for the Phase I extension project, owing to delay in the completion of construction. In the 9-km Phase I extension project, running from Washermanpet to Wimco Nagar, the stretch between Washermanpet and Korukkupet will run underground,followed by an elevated stretch up to Wimco Nagar.

DRAWING LESSONS from the alleged role of auditors and their failure to flag irregularities at companies such as Infrastructure Leasing & Financial Services (IL&FS), the Ministry of Corporate Affairs (MCA) has floated a consultation paper seeking industry comments on various aspects of auditing as a profession

Lenders of entities of debt laden IL&FS on Thursday opposed the Board proposal that seeks to revise the formula for distribution of proceeds from the sale of Group entities placed before the NCLAT.Next hearing on Feb 7, 2020

The committee of creditors (CoC) has blocked the resolution of five IL&FS Road Assets with combined debt in excess of 9,OOO crore. The creditors have raise several objections to the resolution process, and these could further delay recoveries."The board has put voting by CoC in abeyance for these projects, pending NCLT approval," said a source.An affidavit by the board said that "of the five ITNL sale SPUVs, voting had commenced for four SPVs. Onaccount of concerns raised by the CoCs of the five SPY s, voting process has been put in abeyance."

The National Highways Authority of India (NHAI) has settled a road project with Infrastructure Leasing& Financial Services (IL&FS) at Rs 672 crore, one of the first as the debt-laden group moves to resolve stuck projects through conciliation."The first of the IL&FS settlements has been finalised," a government official told ET. "This (the Kiratpur Nerchowk Expressway) is a significant one. There are three to four more small projects that will be resolved soon," said the official, asking not to be identified

IL&FS will seek directions from the NCLAT for removal of Power Finance Corporation (PFC) as one of the top five creditors, due to the transfer of wind power assets.The five largest creditors of the IL&FS Group were impleaded as respondent parties in the appeals, including, State Bank of India, Bank of India, Bank of Baroda, IndusInd Bank Limited and Power Finance CorporationLimited.

The board of Infrastructure Leasing and Financial Services (IL&FS) has submitted a fresh affidavit to theNational Company Law Appellate Tribunal (NCLAT), asking the tribunal to direct all financial creditors of the relevant IL&FS group entities, including group lenders, to be part of the committee of creditors

Offering relief to operational and unsecured creditors as well as provident funds, IL&FS Board has decided to revise the distribution framework for Group Resolution.

IL&FS has filed revised resolution and distribution framework with NCLAT

The new board of Infrastructure Leasing and Financial Services (lL&FS) expects to recover close to 50 per cent of the firm's overall debt, which stands at above Rs 94,000 crore.It also expects to complete the resolution process by July 2020 by paring a significant portion of the debt.The board, led by Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank, has taken a series of steps including "resolution, restructuring, and recovery" to pare debt in the absence of any requisite legal framework for group-level resolution under the Insolvencyand Bankruptcy Code (IBC)

The IL&FS Group is looking to sell its stakes in Gujarat International Finance Tec-City (Gift City) and some Chinese road assets that would help it resolve Rs 2,800 crore of debt.The infrastructure group's government- appointed chairman, Uday Kotak, also informed shareholder on Tuesday that measures taken up by the new board would result in resolving half its total outstanding debt as on September30, 2018.

The Board of IL&FS expects to recover over 50% pf its outstanding debt of Rs 90,000 crore on the back of several initiatives taken towards resolving a significant portion of debt by July 2020

Shares of CRISIL, Care Ratings and ICRA have climbed lately after closure of the adjudication proceedings against these rating agencies in the IL&FS case.These 'undervalued' stocks are poised to gain further, with the regulatory push for an active corporate bond market seen benefiting the industry that assesses credit· worthiness.Shares of Care Ratings rallied 39% in the last five trading sessions, while CRISIL shares gained 5% in this period. ICRA gained about 9%.

IL&FS Financial Services reported a staggering loss of Rs 13,272 crore in FY19 compared to a net profit of Rs 9.5 crore in the preceding financial year, revealed the IFIN annual report for FY19

The Board of Directors of IL&FS Ltd. presented the standalone financial statements of the Company for the fiscal ended March 31, 2019 to the shareholders at the Company’s 32nd Annual General Meeting held here today.This is the first AGM that was convened by the New Board. Shareholders adopted the financial results, along with the Directors Report and Auditor’s report.“The combination of complex group structure comprising financial services, infrastructure and other businesses, high level of debt and diverse nature and type of creditors at various levels of the Group represent a very unique scenario which is far removed from other well-known cases of distressed Indian companies in the recent past,” said Mr. Uday Kotak, Chairman, IL&FS Ltd., while presenting the key highlights and challenges as well as progress made through the Resolution process.The Chairman, on behalf of the New Board, in his maiden address to the shareholders, said that IL&FS Group had emerged as a “Test Case” on Group wide resolution of stressed assets.

The Securities and Exchange Board of India (Sebi) on Thursday fined ratingagencies Icra Ltd, CARE Ratings Ltd and India Ratings & Research Rs 25 lakh each for failing to exercise due diligence and for lapses in their duty to investors by not taking timely action when they rated the non-convertible debentures or NCDs of Infrastructure Leasing and Financial Services Ltd (IL&FS).

Ministry of Corporate Affairs (MCA), Government of India, has extended the tenure of Mr. Bijay Kumar, as Deputy Managing Director on the Board of IL&FS Ltd, further for a period of one year with effect from December 21, 2019.Mr. Kumar was appointed as Director on the Board of IL&FS by the Government of India from December 21, 2018 and took over as Deputy Managing Director of the Company from December 24, 2018 for a period of one year.

The IL&FS Group will find it easier to unlock its investment in the Mangalore Special Economic Zone (SEZ) joint venture at fair value. In a recent order, Oil and Natural Gas Corporation's (ONGe's) claim, which sought to buy the Stake at a discounted value, was termed unwarranted.IL&FS holds a 49 per cent stake in the Mangalore SEZ while ONGC holds 26 per cent. Kanara Chambers of Commerce, Kamataka Industrial Area Development Corporation, and ONGC Mangalore Petrochemicals are the remaining shareholders in the SEZ

justice D K Jain (Retired) has given his nod for the the sale of IL&FS' education business to Career Point Publications Private Limited (CPPPL). In November, the committee of creditors of IL&FS had approved the sale of the education business, which would reduce its debt by ~600 crore.

Justice (retd) DK Jain has granted approval for sale of IL&FS’s Education business - Schoolnet India Limited (erstwhile IL&FS Education & Technology Service Ltd.) - to Career Point Publications Pvt Limited (CPPPL).IL&FS Group has already received approval from Committee of Creditors (CoC) to sell its Education business to CPPPL and will now be approaching the National Company Law Tribunal (NCLT) for final approval to conclude the transaction. This transaction, on completion, would resolve nearly Rs 600 crore of IL&FS Group debt.

IL&FS Tamil Nadu Power Company is likely to see a turnaround. In October, the PLF of the Cuddalore plant touched a new peak, even as overall thermal power PLF in the country stood at an all time low.

•ITPCL CUDDALORE POWER PLANT RECORDED ALL TIME HIGH MONTHLY PLF OF 82%, GENERATED 735 MILLION UNITS AND REPORTED RS 336 CRORE IN REVENUE IN OCTOBER 2019•POWER PLANT CONTINUED TO RECORD HIGH MONTHLY PLF OF 80%, GENERATING 690 MILLION UNITS AND REPORTED RS 315 CRORE IN REVENUE IN NOVEMBER 2019•COMPARATIVELY THE PLANT HAD GENERATED 360 MILLION UNITS OF POWER IN NOVEMBER 2018, WHICH HAS BEEN DOUBLED IN NOVEMBER 2019•DURING 8MFY20 THE COMPANY RECORDS PLF OF 65% WITH GENERATION OF 4,567 MILLION UNITS

IL&FS has reported a Rs 22,527 crore loss in its audited financial results for FY19 as against a net profit of Rs 333 crore in the previous year. The main reason for the loss was a Rs 19,430 crore write down of loans and investments made by it

Firm has net liabilities of Rs 16,935.1 crore, ability to raise funds impaired, says auditors. External borrowings of IL&FS were Rs 94,216 crore . Total debt addressed till date is Rs 36,400 crore

The Board of Directors of IL&FS today approved the standalone audited financial results for the year ended March 31, 2019.IL&FS has reported a Net Loss of Rs 22,527 crore during the FY19, as against a Net Profit of Rs 333 crore reported in the previous year.The Board adopted prudent provisioning on loans/impairment of investments, and took a conservative view on fair market value and recovery estimates.

IL&FS Group company will get a Rs 118 crore as part of the claim awarded by the arbitration tribunal in a road development project

Bangalore Elevated Tollway Private Ltd (BETPL) has been awarded an amount of Rs 492 crore towards Claim filed by the company against National Highways Authority of India (NHAI).IL&FS Engineering and Construction Company Limited, an IL&FS group company, has 24% stake in BETPL and is entitled to approx. Rs 118 crore from the total claim awarded by the tribunal.

The NCLT on Monday issued notices to the CEOs of Axis Bank and Standard Chartered Bank asking them to personally appear in the contempt proceedings against them for violating the tribunal's order, failing which non-bailable warrants would be issued against them.

The CAG has sought a period of six months fro the Punjab and Haryana high court for submitting ts forensic report of the Rapid Metro Finances citing extensive scope of work involved

After a year long wait, IL&FS Construction and Engineering has posted its December Quarter financials. The Company has reported a profit of Rs 34.4 crore, a huge rise as against Rs 32 lakh posted in corresponding quarter last year

Singapore based Infrastructure platform Cube Highways and Italy's Autostrade have emerged top bidders for two road projects put on the block by cash strapped IL&FS and having a combined debt of over Rs 5,000 crore.

Lenders of the troubled IL&FS group approved the sale of Education business Schoolnet India to Kota based Education company Career Point, a company founded in Rajasthan in 1993 and publisher of a range of medical and engineering books

IL&FS has received an unsolicited offer from a potential investor to acquire 59.18% stake in its process management and back office services arm CPG BPM Services Pvt Ltd

The Committee of Creditors (CoC) of IL&FS Ltd. has approved the sale of the IL&FS’s Education business – Schoolnet India Limited (erstwhile IL&FS Education & Technology Service Ltd.) to Career Point Publications Private Limited (CPPPL). The CoC of IL&FS represented all the financial creditors to IL&FS Ltd., the holding company for the IL&FS Group. The financial bid of CPPPL was approved by more than 78% of IL&FS Ltd’s creditors (by value) through an e-voting process that concluded on 5 November 2019. This is as stipulated under the Resolution Framework for IL&FS Group submitted with Hon. National Company Law Appellate Tribunal (NCLAT) and the Hon. National Company Law Tribunal (NCLT), Mumbai Bench.

Edelweiss has emerged as the highest bidder for three road assets put on block by IL&FS, the company told bankers on Tuesday.The Committee of Creditors met on Tuesday to discuss the bids for three projects and issues relating to these projects

IL&FS Reality Fund has taken DB Reality to NCLT for default of around Rs 108 crore

Resolving a long pending tussle, the DMRC has announced that it will take over the operations and maintenance of the 11.6 km corridor from today.

Orix corporation of Japan has completed the acquisition of additional 51% stake in seven IL&FS assets, thereby now owning 100 per cent in these assets, held by IL&FS Wind Energy Limited.

FIRST SET OF COMPANIES SOLD BY THE NEW BOARDThe IL&FS Group has completed the sale process of its 51% stake, held through IL&FS Wind Energy Limited (IWEL) in 7 operating wind power SPVs (with 874 MW of generation capacity) to ORIX Corporation of Japan (ORIX). With this development, ORIX, which previously owned 49% in each of the 7 SPVs now has 100% ownership.

IL&FS has waived a confidentiality clause that had prevented law firm Cyril Amarchand Mangaldas from sharing all details of its engagement with the previous management to facilitate a fairer and quicker probe which would fix responsibilities for what is emerging as India's biggest bankruptcy

The SFIO has asked India's top law firms and consultants to disclose all information they have on IL&FS. The Central agency under MCA has sought information for the past 10 years when the firm had advised and represented IL&FS for its subsidiaries and group companies. T

The government appointed management committee of the IL&FS group says it expects at least half of the Group debt be resolved, recovered or restructured by March 2020

Uday Kotak-led board to address half Rs 97K crore debt through asset monetisation, restructuring and floating Invits

"We should be able to recover, restructure, resolve over 50% and cross the 50% mark based on our best judgement " said Mr Kotak, Chairman, IL&FS

The Board of Directors of IL&FS addressed the media on the completion of One year term.

The SFIO and other regulators have asked four credit rating agencies - CARE ICRA India Ratings and Brickwork - for information on money they received from IL&FS and its subsidiaries as rating and non-rating fees to determine if there was any round tripping of funds or favor granted, said three people familiar with the development.

Debt laden IL&FS has started repaying the creditors of three group entities , with outstanding claims of Rs 5,071 crore, according to affidavit filed with appellate tribunal on Thursday

SEBI has slapped Rs 10 Lakh fine on IL&FS for not disclosing price sensitive information pertaining to fund raising through rights issue and asset divestment plan to stock exchange

The Haryana government, on Wednesday, approached the Punjab and Haryana High Court (HC) seeking appointment of the Comptroller and Auditor General (CAG) of India for conducting a forensic audit of the Rapid Metro’s finances.

The Punjab and Haryana High Court has adjourned the hearing on the dispute over the handover of Rapid Metro Rail Project in Gurgaon to September 17, 2019. Till then both RMGSL and RMGL will continue to run it, the court said

IL&FS has received binding financial offers aggregating close to Rs. 13,000 crore for ten Domestic Road Assets. These bids were opened on September 9, 2019. In addition to the above, IL&FS Group entities continue to hold rights to receive claims with Gross Value exceeding Rs 1,900 crore, filed with various concession authorities in respect of these assets.The combined value of bids and these claims will help address the cumulative financial debt of Rs. 17,700 crore, as of October 2018, in these assets.

In a bid to classify Amber Companies into Green, the new Board of IL&FS presented the creditors of these entities debt restructuring proposals

A year after IL&FS collapsed leading to a crisis in the financial sector, the resolution process set by the new Board has slowly but steadily started yielding results with 10 Road projects attracting investor interest and seven wind energy assets being sold

Edelweiss , Cube Highways also make offers for 20,000 crore assets spread across seven states

The pipe smoking Ravi Parthasarthy who ran IL&FS as his fiefdom was never an easy man to like. He subjugated managers, fooled generations of lenders , bullied journalists and made directors dance to his tunes.....Many ills underlie the IL&FS saga. Fixing this is as urgent as punishing the scamsters .

IL&FS announced that it has received 14 bids for the Groups 10 road assets that account for nearly 17,700 crore of debt

Ratings Fallout: This is the first such move by a rating agency in the IL&FS issue; interim COO Vipul Agarwal will continue to handle operations until the new CEO is hired

IL&FS today received binding bids for ten road assets in its domestic roads transportation vertical. These 10 road assets that account for total debt of over Rs. 17,700 crore (nearly 19% of total group debt), received 14 binding bids from multiple bidders.

NCLT has approved the sale of units to Japanese partner and asked the company to deposit the money in interest bearing account for now

When the Government superseded the IL&FS Board and appointed Uday Kotak to head it, there was hope of quick resolution. But the complexities and lack of legal framework to handle financial institution bankruptcy have clogged the system

In a case related to IL&FS securities fraud, the Supreme Court on Tuesday directed the NCL to release cash collateral of Rs 460 crore, extended by clearing broker IL&FS Securities Limited, towards F&O trade

SEBI has rejected credit rating agency ICRA's consent application in the IL&FS case. ICRA has been seeking to arrive at a settlement in the matter of raters not having given warning of IL&FS default in September last year.

The Enforcement Directorate has submitted its first prosecution in the first IL&FS case. While the document, which is similar to the charge sheet, names former directors of IL&FS and its group companies.

Out of the total group debt of Rs 89000 crore, as much as Rs 61,375 crore was held by over 82 entities that were not able to meet payment obligation even to senior secured financial lenders.

Banks and Financial institutions debited more than Rs 758 crore from the accounts of IL&FS and its group companies from October 2018 to June 2019 despite orders from NCLAT, MCA has told NCLT in its filing

EY, the audit firm of ITNL, and its peers firms are facing questions from the state appointed board of its parent and the central fraud probe teams on the alleged irregularities at the unit of the stressed infrastructure financier.

Grant Thornton, which has conducted forensic audit of ISSL, has found what it alleges as multiple operational lapses and high value trade anomalies in the transaction with its client Allied Financial Services

The Board of IL&FS submitted its fifth progress report underlining the steps taken to pare debt and detail the status of asset monetisation process

The RBI has said the beleaguered IL&FS did not disclose any NPAs for four years and there was wide variations observed between the report assessed position of asset classification, while estimating the company's bad debt, at over 70% on March 31, 2018

The endless wait for all-weather connectivity to Ladakh just got longer due to crisis at IL&FS pushing up the cost by over 20% or around Rs 1400 crore to over 8,200 crore

IL&FS has moved NCLT for completing sale of its Wind Energy Business to Orix of Japan

IL&FS has filed the proposal to complete sale of its stake in the Wind Energy business, held under IL&FS Wind Energy Limited (IWEL) to ORIX Corporation of Japan, with NCLT for final approval.The proposal has been filed before the Tribunal after completing binding Share Purchase Agreement with ORIX Corporation and obtaining “in-principle” approval from all lenders for completing this transaction, subject to NCLT approval.

NCLAT on Thursday pulled up the MCA and the newly appointed Board of IL&FS for inordinate delay in presenting the final resolution plan for the debt laden firm

The ED and SFIO are probing IL&FS groups loans and equity investments amounting to Rs 860 crore in Kohinoor CTNL, the company constructing Dadar's Kohinoor square towers

There could be more pain for IL&FS Securities for its trading partners on Monday. Some of its members, who are seeking return of their collateral from ISSL following the Allied Financial payment fiasco, let their derivative position expire on July 25

IL&FS, which has a outstanding debt of Rs 94,216 crore said on Wednesday the Board has taken various steps to address over Rs 20,000 crore of its debt pile over the past nine-month

SEBI has sought explanations from all five credit rating agencies asking them to furnish responses over alleged lapses and possible collusion with IL&FS brass.

The New Board of IL&FS, since taking charge in October 2018, has executed key steps towards addressing more than INR 20,000 crores of debt. This represents a significant interim outcome in the overall resolution process for the IL&FS Group.

IL&FS has received approval from Justice (Retd) D K Jain on the proposed sale of Wind Energy subsidiaries, held under IL&FS Wind Energy Limited (IWEL), to ORIX Corporation of Japan. Justice (Retd) D K Jain has been appointed by the NCLAT to supervise the operation of Resolution Process of IL&FS Group Companies.The approval has been granted on the conditions that the proposal will now be placed before the NCLT for its approval and the bid amount realized from the sale be kept in an Escrow Account. This amount in Escrow account will only to be disbursed in accordance with the directions in the proceedings, pending before NCLT/NCLAT, as applicable.

Emails cited by Grant Thornton shows huge manipulation. "Attached in the rating rationale. Please let us know if there are any changes required form your end" , an email from CRA to employee of IL&FS sums up the huge manipulation by both the parties to hide the financial trouble at the Group

A forensic audit on credit rating agencies has pointed to massive irregularities by top IL&FS executives in obtaining favorable ratings, with allegations that the agency did not change the rating despite knowing of stress in the group

For mer auditors of IL&FS, Deloitte Haskins and Sells and BSRA, reiterated their contention on Friday that NCLT has no jurisdiction to ban them

IL&FS has completed first phase of forensic audit on Credit Rating Agencies engaged with Group Companies in last ten years.The audit evaluates the role of CRAs in rating various debt instruments and facilitating excessive borrowings from money markets across Group companies that eventually led to defaults.

The Supreme Court on Monday asked SEBI why it should not be directed to probe IL&FS fraud and protect investors

As part of the ongoing resolution process, IL&FS has signed binding agreements with secured lenders of three entities - MBEL, Jharkhand Road and West Gujarat Expressway

Probe by SFIO also reveals attempts by top IL&FS management to influence credit rating

IL&FS has signed binding term sheet with secured lenders of three entities, as part of its resolution process. The entities for which the binding term sheet has been signed include - Moradabad Bareilly Expressway Limited, Jharkhand Road Projects and West Gujarat Expressway Limited.With this term sheet, these three entities have now been moved them from Amber to Green, as per the Hon’ble NCLAT order July 12, 2019.

IL&FS and Lenders reach pact, Company says it will take up 10 more companies next

The 270-day NCLT deadline is over but the new Board and the investigating agencies are just about warming up

Highlights of the IL&FS Board meeting held on June 28, 2019 where the Board reviewed the resolution progress and formed a committee to finalise asset wise resolution with lenders

The RBI, in its stability report released on Thursday, said that IL&FS case has brought the NBFC sector under greater market discipline as better performing companies continue to raise funds while the ones with asset quality concerns were subjected to higher borrowing costs

The Supreme Court order provides relief for IL&FS as it must await judiciary bodies orders, not pay from own pocket

The Govt has paid upto Rs 25 crore to ADB and KFW on sovereign guarantees issued on behalf of IL&FS and is staring at another Rs 250 crore payout towards guaranteed IL&FS loans

Company will take last audited results as the base to prepare financial statement; accounts need to be ready by September 30, 2019

Financially troubled IL&FS Engg and Construction Company is witnessing early improvement in its road portfolio with a go ahead to start work on one of its road project which was earlier up for foreclosure

IL&FS thrived due to its bureaucratic cover, time to go after them.

BSR @ Associates, which has resigned as the auditors of IFIN said it has also filed replies to the petitions and applications filed by MCA with NCLT

Company had given collateral to IL&FS Securities Services in the form of MF units, later found to be stolen

ED on Wednesday arrested two former IL&FS executives - Arun Saha (former joint MD of IL&FS and Director IFIN) and K Ramchand (former MD, ITNL) in connection with Money laundering investigations

New probe based on the finding of SFIO is likely to target six erstwhile directors of IL&FS arm. The ED is likely to probe the transactions of IFIN for possible money laundering registering a second case in the central agency's investigations into the affair of IL&FS Group - ET Report

MCA is expeced to move court for freezing the bank accounts and properties of some of the past directors of IL&FS Group. The ministry would soon apply before the NCLT to widen the net in the IL&FS probe : ET reports

The Government detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and KPMG Affiliate while investigating a fraud at a financial company leading it to seek a five year ban on the auditors, according to legal filings.

The SFIO probing the IL&FS case suspect the senior RBI officer may have had a role to play in the firm flouting rules, one of the key reasons for the collapse. It has suggested the RBI launch an internal investigation in the issue

Even as investigating agencies probe former top executives of IL&FS Group for alleged irregularities in the business affairs of the company, investigation reports reports on the group reveals an alleged nexus between one of them - Ramesh Bawa (former MD of IFIN) and the Ansals Group

MCA may invoke Section 447 of Companies Act to slap penalty and suspend some agencies in IL&FS case

After the SFIO charge sheet suggested that the RBI should conduct an inquiry, the RBI has written to IL&FS Financial Services Board to take action on the supervisory concerns and appraise the progress every fortnight

Stakeholder assurance gave an impression that everything was on track in the company

Tribunal directs MCA to provide charge sheet to audit firms, gives them 10 day to respond. The Central government on Monday took the unexpected step of seeking ban on auditors Deloitte Haskins & Sells and BSR & Co for their alleged role in helping hide bad loans at the bankrupt IL&FS Financial Services

After IL&FS Financial Services, the SFIO has now started probing alleged irregularities in IL&FS Transportation Network

Board aims to recover around Rs 15 crore from the liquidation of these companies

The Board of IL&FS has extended the deadline for filing of claims from June 5 to June 20, 2019

The New Board of IL&FS, as part of the overall resolution process for the IL&FS Group, has extended the last day of filing of claims, under its claims management process, from earlier deadline of June 5, 2019 to a new date of June 20, 2019. This extension is pursuant to the order passed by the Hon’ble NCLAT on May 29, 2019, wherein the court had extended the period for lenders to file their claims by June 20th, 2019.

The government appointed board of IL&FS is likely to file contempt proceedings against nine large banks including Bank Of Baroda, HDFC Bank, Yes Bank, Punjab and Sind Bank, Punjab National bank and Indian bank - for unauthorised withdrawals to the extend of Rs 800 crore during the moratorium period

Acting on the SFIO request, lookout circulars have been issued against the six ex-directors of IFIN - Ravi Parthasarthy, Hari Sankaran, Ramesh Bawa, Arun Saha and K Ramchand - ET Reports

The first hearing of the IL&FS fraud case will begin hearing on Friday in the sessions court - FE reports

The Supreme court on Tuesday allowed the SFIO to reopen and recast the accounts of IL&FS and two of its key subsidiaries of five years starting FY13

Trouble is mounting for audit firms as the ED issued summons to senior executives of Deloitte Haskins and Sells in connection with the ongoing money laundering probe against IL&FS.

Agency's charge sheet suggests regulator should conduct internal inquiry and take appropriate action

SFIO, in its chargesheet has exposed deep nexus between the auditors and other business companies to defraud the company

Launching a massive crackdown on perpetrators of IL&FS scams the SFIO has charged the erstwhile top management members of the group's financial subsidiary IFIN for forming a coiterie

Sivasankaran, nine IFIN ex-directors and auditors accused of hiding info, falsifying accounts. SFIO also accuses auditors BSR & Co LLP and Deloitte Haskins &Sells LLP, along with others of concealing information and falsifying accounts. SFIO said loans were given to Siva Group without adequate collateral.

IL&FS is looking to sell its non-core real estate assets, including its headquarters, which could help the infrastructure group raise Rs 5000-6000 crore as it tries to reduce debt or improve liquidity

SFIO has recommended that RBI probe officials in the department supervising NBFC for not having acted on IFIN despite RBI inspection finding major discrepancies in its books as early as 2014

MCA and IL&FS Board are investigating why concerns raised by junior analyst at a rating agency about the financial irregularities at the infrastructure financier were ignored by the top management at the creditworthiness evaluator

In what may be the first step by IL&FS towards resolution of its debt concerns, the company may soon begin servicing debt of 13 group (amber) companies. These companies have an outstanding debt of over Rs 16000 crore.

How did the auditors fail to see the crisis that had been brewing in the company for several years? Every time there is a corporate crisis, the audit firms and the auditors are the first ones to be blamed.

IL&FS Board is considering recasting some of its loans from banks and MFs. The Board is considering restructuring proposals from lenders for one of its SPVs in UP and open to considering such proposals for other projects

ORIX Corporation of Japan which owns 49% stake in each of 7 operating wind power plants of the IL&FS Group has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited.

ORIX Corporation of Japan (“ORIX”), owner of 49% stake in each of 7 operating wind power plants (“SPVs”) of the IL&FS Group, has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited (“IWEL”).This intent to buy 51% stake is in exercise of ORIX’s right under the terms of an existing MoU wherein ORIX can match the Price offered by the highest bidder for purchasing IWEL’s Stake in the Wind SPVs.

Board may invoke claw back option for bonus and benefits and file charges for accounting fraud - ET report

Board of IL&FS has issued notices to BSR Associates and Deloitte asking them why they should not be removed from allegedly failing to highlight shortcomings while reviewing the books of IFIN and its subsidiaries - ET Report

In the three-four months the resolution timelines under IBC would be better adhered to. Prepackaged group insolvencies, which involved agreeing to resolution plan before declaring bankruptcy, could also be attempted, said Mr Srinivas Injeti, Corporate Affairs Secretary, MCA

AS the probe continues in IL&FS case, government officials say the auditors have many questions to answer "prime facie" as they are supposed to act as gate keepers and detect widespread irregularities

Who will Police the Policeman. This is the million dollar question being asked after Deloitte Huskin and Sells, one of the big four accounting firms, has been called out in the IL&FS case of turning a Nelson's eye on the company's debt pile

More than Rs 53,000 crore of bank loans to the crisis hit IL&FS are likely to be added to the bad loan books of the banks, with NCLAT allowing lenders to classify default loans as NPAs. However, banks cannot initiate recovery process against IL&FS entities until the resolution is found

The investigations wing of corporate affairs ministry, the SFIO, on Wednesday questioned the audit partner of BSR in Delhi, widening the ambit of its probe into the role of IL&FS case

ED has restraint Mr S S Dalal - the man who took IL&FS overseas and led its PE foray - from selling his property in Mumbai

IL&FS MF on Tuesday paid Rs 314 crore to investors in one of its infrastructure debt fund, making on time redemption, said the company release.

IL&FS Mutual Fund (IDF) today made on-time redemption in its first debt fund series, IL&FS Infrastructure Debt Fund Series 1-A (IDF Scheme A), on its due date ie April 30, 2019. The Scheme redeemed Rs. 314 crore to the investors, which was paid out today. IDF Scheme A, 5-year closed ended scheme, had raised Rs. 238 crore from various Institutional Investors and was fully funded in April 2014.

ITNL International, a subsidiary of ITNL, has put another asset on the block. It is now looking to divest 49% stake in the Chongqing Yuhe Expressway Company Limited

SFIO on Wednesday quizzed Udayan Sen, ex CEO of Deloitte, and two others on alleged audit lapse in the books of IL&FS

RBI on Wednesday asked the banks to disclose their exposure to IL&FS and its Group identities in their notes to financial statements

GAIL EMERGES AS HIGHEST BIDDER FOR WIND ASSETS PORTFOLIO OF IL&FS The process was launched through a public invitation for expressions of interest, dated November 29, 2018. At the end of the binding bidding process, reached after comprehensive due-diligence including site visits across 12 sites spread across 7 states, GAIL (India) Limited has emerged as the highest bidder for 7 operating wind power plants (“SPVs”) having a total generation capacity of 874 MW.

Former IL&FS Financial Services CEO and MD, Mr Ramesh Bawa, has been sent to judicial custody by a magistrate in Mumbai.

RBI on Tuesday told the NCLAT that banks will have to classify the accounts of debt ridden IL&FS accounts and its Group companies as NPAs in terms of its master circular and the Supreme Court judgement

The Bombay High Court held the order by the Metropolitan court of sending Mr Hari Sankaran to Judicial custody as illegal. However, Mr Sankaran's custody was extended till April 30

SFIO has found the audit of Deloitte Haskin and Sells did not exercise adequate due diligence while auditing the books of IL&FS arm

SFIO has told the Mumbai Court that Ramesh Bawa, CEO and MD of IFIN, played a direct role in diverting as much as Rs 17.5K crore to make the accounts of certain borrowers and group companies look healthy

The Government is looking to claw back bonuses and other benefits that accrued to the ousted top executives of IL&FS for leaving the company in a financial mess

SFIO on Saturday arrested IL&FS Chief Ramesh Bawa for alleged irregularities in sanctions and disbursement of loans

Of the 22 Road Assets of IL&FS Transport which are slated to get bidding next month, four have an unserviceable debt of Rs 1050 crore.

Provident Funds and Pension Funds have 9134 crore exposure to IL&FS and its Group entities, IL&FS has said in its affidavit to NCLAT

The Serious Fraud Investigation Office SFIO has initiated investigations into a whistle-blower complaint sent by a Deloitte employee and will summon its top officials for questioning to find out whether the Infrastructure Leasing & Financial Services IL&FS groups auditor deliberately ignored several red flags in the companys books recommended creating complex structures and in quid pro quo received substantially high fees from the bankrupt company.

To protect the investments of pension funds and provident funds, the NCLAT has sought the details of investments of such funds in the "Amber" Companies of IL&FS

Gail India is a front runner to acquire the Energy Assets of IL&FS. The Assets could fetch close to Rs 6000-8000 crore and include controlling stake in the wind power generating plants

The Managing Director and CEO of Gift City has to step down as IL&FS has decided to discontinue his services as it could no longer afford to pay his salary

Days before IL&FS defaulted on its loan payments in the last week of August, Mother Dairy Foods and Vegetable Private Limited decided to make a series of investments totaling Rs 190 crore in IL&FS.

Corporate Affairs Secretary Injeti Srinivas said the credibility of rating agencies has come under a cloud after the IL&FS crisis

Creditors can expect a fair distribution of Proceeds from the IL&FS Resolution Process, reports ET

The Board of IL&FS held its second press conference and shared an update on the Progress made in the last six months. The presentation made is enclosed

The Full Press Conference link - credit Bloomberg Quint

The Serious Fraud Investigation Office (SFIO) has made its first big arrest in the IL&FS by taking its former vice-chairman Mr Hari Sankaran into custody today.

The position of Independent Directors in IL&FS and its Group companies, once a prized job for retired bureaucrats and top corporate executives, has lost its shine - as many as 77 positions are vacant and there are few takers

IL&FS defaults highlights the need to tighten the regulatory framework governing Credit Rating agencies

Board of IL&FS wants immunity for Directors, Financial Advisors from any Financial, Legal or Regulatory Liability. ET Reports

RBI has moved NCLAT against its order restricting financial institutions from identifying the accounts of debt laden IL&FS group companies as NPA.The Bench, however, replied that it had not prohibited banks from recoqnising NPAs but has only asked the banks to seek the permission from NCLAT before doing so

Asset Monetisation is the best way forward for IL&FS, but it is likely to be a long drawn process

Restructured Board says former executives had failed to discharge duties and raise red flags

IL&FS to receive first set of bids today for its renewable energy business as part of the Asset Monetization process launch by the new Board in its proposed Resolution plan.

New Policy to revive over Rs 30,000 crore of stalled highway projects was announced by the government today

Days after Grant Thornton (GT) India LLP submitted its interim report detailing out irregularities in the embattled Infrastructure Leasing and Financial Services (IL&FS), the new government-appointed board of IL&FS has sent show cause notices to the erstwhile board of IL&FS Financial Services Ltd (IFIN) asking why criminal action shouldn’t be initiated against them.

Transactions worth more than Rs 13,000 crore at Infrastructure Leasing & Financial Services (IL&FS) could be linked to irregularities such as conflicts of interest, inadequate risk assessment and deviation from banking norms, audit firm Grant Thornton India has said in its interim report to the board of the embattled infrastructure financier.

The government-appointed board of IL&FS is planning to initiate criminal proceedings against several defaulters of IL&FS Financial Services (IFIN), charging them of colluding with the erstwhile management. This is after discovering large-scale irregularities, which includes ever-greening of loans and funds being routed to entities.

A bankruptcy appeals court ruling, which ordered Monday that no loan account of IL&FS and its units be put into the nonperforming category without its approval, would save lenders about Rs 10,000 crore in March-quarter provisioning costs, two people aware of the development said.

IL&FS Transportation Network Ltd (ITNL), part of the IL&FS Group, on Monday said it has been able to secure the safe return of its four employees, who were held hostage in Ethiopia.

IL&FS Transportation Network Limited (ITNL), a part of IL&FS Group, confirms that it has been able to secure safe return of its 4 employees, working on projects in Ethiopia, to India.

The Enforcement Directorate (ED) has registered a money laundering case in the matter concerning alleged financial irregularities in Infrastructure Leasing and Financial Services (IL&FS) Ltd.

The board of Infrastructure Leasing & Financial Services will form committees of creditors at asset levels — the special purpose vehicles (SPVs) managing its projects — to assess their outstanding payments. It is also looking to appoint a claim adviser at the group level to coordinate the activity, people familiar with the matter said.

The government and the board of directors of debt-laden Infrastructure Leasing and Financial Services (IL&FS) are looking at sale of individual group companies as they believe the direct resolution of vertical holding companies such as IL&FS Transportation Networks is “unlikely”.

The parliamentary standing committee on finance has asked the government to set up a high-level inquiry commission to identify the reasons behind the Infrastructure Leasing & Financial Services Ltd (IL&FS) default crisis.

According to data accessed by The Indian Express, several high net worth individuals (HNIs); private family trusts; employees provident fund trusts of public and private firms too have subscribed to the non-convertible debentures (NCDs) and preference shares of Infrastructure Leasing and Financial Service (IL&FS) Ltd between 2014-2018 and are now keenly awaiting a resolution of the crisis at IL&FS Group.

The National Company Law Appellate Tribunal has passed an order permitting 22 group companies of debt-laden Infrastructure Leasing and Financial Services (IL&FS) that were able to meet all payment obligations to service their debt obligations as per schedule. The NCLAT also lifted the moratorium on 133 IL&FS group companies incorporated outside the jurisdiction of India. If these companies fail to pay the obligations, lenders can take them to court and recover their dues.

The Income Tax department has issued a showcause notice to IL&FS Rail to seeking details on incriminating documents found on the premises and details about Enso Infrastructure Private Limited, which holds a 15% stake in the IL&FS unit.

Former RBI governor Y V Reddy has said that the central bank should be worried about top institutions financing sectors of the economy without knowing what they are doing. Referring to the country’s top financial entities like the State Bank of India and Life Insurance Corporation holding stakes in the now troubled IL&FS, Reddy said that liquidity is not a concern but it is just a cause.

A parliamentary panel wants the finance ministry to spell out steps to make India’s credit rating agencies more accountable and transparent in the backdrop of the crisis at the highly rated finance firm Infrastructure Leasing & Financial Services (IL&FS).

The National Company Law Appellate Tribunal has asked the government and IL&FS to provide a list of group companies that have the ability to meet payment obligations in the next 12 months. In what would lead to immediate repayment of Rs 7,000 crore, the new board of IL&FS proposed final resolution plan to split the group companies into three categories based on 12 months’ solvency and cash flow.

IL&FS has put its Tamil Nadu power assets on the block. A power plant in Tamil Nadu, a port and a coal mine in Indonesia — together estimated at around Rs 10,000 crore, are on sale.

Six debt mutual fund schemes from three MF houses have been placed under a ratings watch with negative implications by ICRA for their exposure to debentures issued by special purpose vehicles (SPVs) of troubled infrastructure financing company IL&FS.

Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services is close to hiring Grant Thornton to investigate alleged irregularities in its operations.

After the Reserve Bank of India (RBI) refused to allow banks to defer provisioning for IL&FS-related loans, lenders have now approached the Finance Ministry's department of financial services to exert pressure on the central bank.

IL&FS Investment Managers has drawn interest from Edelweiss, India Infoline and Altico Capital, an industry source close to the development said.

In a bid to end the crisis facing IL&FS employees in Ethiopia, the World Bank has asked the Ethiopian Roads Authority to look for a resolution at the earliest. The project, being executed by an IL&FS joint venture in Ethiopia, is funded by the World Bank.

After spending 50 days in captivity, Chaitanya Hari, an engineer with IL&FS Transportation Network Ltd (ITNL) in Ethiopia, was hoping to be released on Tuesday to be home in time for his sister’s wedding next week.

Two subsidiaries of IL&FS Transportation Networks Ltd (ITNL) have decided to stop debt repayments and have sought refunds of debt repaid after 15 October, India Ratings said Tuesday, warning such action would lead to a default rating and threaten infrastructure project finance using special purpose vehicles.

Provident and pension funds of thousands of middle-class salaried people face the spectre of losing thousands of crores of their nest egg as analysts estimate these funds’ investments in Infrastructure Leasing & Financial Services and group companies to be between Rs. 15,000 to Rs 20,000 crore, said three people familiar with the matter.

The Union government is set to invite tenders for a third time for its ambitious Zojila tunnel project in Jammu and Kashmir as crisis-hit Infrastructure Leasing & Financial Services (IL&FS) has surrendered the Rs 6,809-crore contract it bagged in 2017.

Infrastructure Leasing & Financial Services, which is selling assets to repay debt of about Rs 91,000 crore ($13 billion), won’t provide indemnity and warranties to potential buyers, a move that will drive down valuations steeply, said three people with direct knowledge of the matter.

Infrastructure Leasing & Financial Services (IL&FS) on Wednesday said it has received enquiries from over 30 bidders for the asset monetisation process for the domestic roads vertical — worth over Rs 25,000 crore — housed under its subsidiary IL&FS Transportation Networks Ltd.

Tata Power, Torrent, JSW Energy, Greenko, Sterlite Power and Statcraft are among the 15-plus applicants who have submitted their expressions of interest (EoIs) for IL&FS group’s renewable energy assets worth Rs 8,000 crore — the second largest vertical after roads.

Infrastructure Leasing & Financial Services (“IL&FS”) has received a strong response to the asset monetization process for the Domestic Roads Vertical housed under its subsidiary, IL&FS Transportation Networks Ltd. More than 30 expressions of interest were received for acquiring IL&FS’ interests in its domestic road vertical including its domestic EPC and O&M businesses.

The National Company Law Tribunal (NCLT) on Tuesday allowed the corporate affairs ministry to reopen the books of the IL&FS Group and its subsidiaries for the past five years under Section 130 of the Companies Act, to ascertain financial mismanagement.

IL&FS group has further put up its properties for sale to garner funds in order to settle loan dues. It has invited bids from interested buyers for properties in Mumbai and one Kolkata.

The company said it is selling five real estate assets in Mumbai and one in Kolkata with 15 January as the final date for potential buyers to submit their bids, IL&FS said in a newspaper advertisement on Friday.

The CA Institute will independently continue with its disciplinary proceedings against the signing audit partners of IL&FS Ltd and two of its subsidiaries irrespective of the fate of the Centre’s plea before the National Company Law Tribunal (NCLT).

The hostage situation involving the four Indian IL&FS employees in Ethiopia is spiralling out of control with the Ethiopian Road Authority (ERA) backing the local staff’s demand of 12.4 million Ethiopian Birr (ETB) from the company for their release.

IL&FS group has pulled out of the Phase-I of the Ahmedabad Metro project. One of the subsidiaries of the company, IL&FS Engineering, which had won a Rs 370-crore contract to construct viaduct on the second priority stretch on the North-South corridor that was expected to be commissioned by April, 2019.

The Uday Kotak-led board of IL&FS has put the group’s education as well as its alternative investment management (AIM) businesses on the block. This is the fourth set of assets to be put up for sale after the securities, renewable energy and road assets. The education and the AIM businesses are expected to fetch Rs 1,500-2,000 crore.

In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the Board, has today initiated two separate processes for exploring the sale of its interests in the Education business as well as its presence in the Alternative Investment Management business. Accordingly, the Board has decided to publicly solicit in two separate processes, Expressions of Interest for a sale of its interests in: a) Education business comprising IL&FS’ interest in IL&FS Education & Technology Services Limited (“IETS”), along with other subsidiary businesses; and b) Alternative Investment Fund Management business comprising IL&FS’ interest(s) in IL&FS Investment Managers Limited (“IIML”) along with all its associated fund management platforms, as well as sponsor commitments relating to a few of the funds.

The break-up and sale of the IL&FS group has gathered pace with the new government-appointed board putting on the block road assets worth Rs. 25,000-30,000 crore, which account for almost a third of the groups's liabilities.

The newly-appointed IL&FS board has initiated the process of selling IL&FS group’s equity stakes in 22 road assets of around 12,000 km on Monday.

The IL&FS board, along with the ITNL board, has decided to publicly solicit expressions of interest to assess the interest for a sale of its stakes in the domestic roads vertical.

In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the IL&FS Board, acting on behalf of its relevant subsidiaries including ITNL, has today initiated the process of exploring the divestment of the IL&FS Group’s equity stake(s)/interest(s) (“Stake(s)”) in road assets/businesses or an undertaking comprising all the assets/businesses (together the (“Domestic Roads Vertical”))

IL&FS has put on the block 36 high-end cars - from manufacturers such as Audi, BMW, Mercedes Benz and Jaguar - that were used by senior executives of IL&FS group companies. The fleet has been valued at close to Rs 9 crore and are in Mumbai and Delhi.

IL&FS Transportation Networks, part of the IL&FS Group, Thursday announced the appointment of Shaivali Parekh as its Chief Financial Officer. The decision on the same was taken during the board meeting, the company said in a regulatory filing.

The roads infrastructure arm of IL&FS, IL&FS Transportation Networks (ITNL), on Thursday responded to the National Stock Exchange (NSE) notice, requesting it to waive the penalty for not filing its financial results for the three months ended September 30, 2018.

The Indian Banks’ Association (IBA), representing the country’s top lenders, wants the Reserve Bank of India and the Centre to exempt banks from asset classification with regard to the loan exposure to the beleaguered IL&FS group for six months.

SBI, Axis Bank and IndusInd Bank have emerged three key bidders for IL&FS Securities Services (ISSL) and ISSL Settlement & Transaction Services. The securities business, which is understood to be valued at around Rs 1,500 crore, was put on the block by the new board last month.

A Securities and Exchange Board of India (Sebi) investigation of the role of ratings agencies in the Infrastructure Leasing and Financial Services Ltd (IL&FS) crisis found them lacking, chairman Ajay Tyagi said, adding the regulator has now begun adjudicating proceedings against the agencies.

IL&FS will put on the block four more businesses — IL&FS Education, IL&FS Technologies, ONGC Tripura Power Company and IL&FS Paradip Refinery Water — in coming weeks.

IL&FS today announced the engagement of Mr. N Sivaraman as Chief Operating Officer (“COO”) of the IL&FS Group. Mr. Sivaraman will be responsible for day to day operations and provide hands on leadership and oversight to the Group’s asset monetisation efforts. He will be a part of the Core Operating Committee and report to Mr. Vineet Nayyar, Vice Chairman and Managing Director, IL&FS Group.

IL&FS Group has been making all round efforts, in coordination with the Ministry of External Affairs (MEA), Government of India and the Indian Embassy in Addis Ababa, to ensure safe and early return of its employees. Meanwhile, as a result of collective and sustained engagement with various authorities, two of the seven employees have been allowed to move out of the camp and are now in Addis Ababa.

The board of Infrastructure Leasing & Financial Services Ltd (IL&FS) on Wednesday initiated the process of exploring the sale of controlling stake in its renewable energy assets. These assets include operating wind power generating plants with aggregate capacity of 873.5 MW, as well as under-construction wind power generating plants with aggregate capacity of 104 MW, asset management services for the operating wind power generating plants as well as the business division conducting project development and implementation of wind power generating plants.

In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the Board, acting on behalf of its relevant subsidiaries, has today initiated the process of exploring the sale of controlling stake(s) (“Stake(s)”) held by IL&FS Group in renewable energy assets / businesses comprising, principally (“Renewable Energy assets”)

The proposal by Infrastructure Leasing and Financial Services to sell stake in two of its subsidiaries has received strong interest with over a dozen firms submitting their bids. These are now being scrutinised by IL&FS for eligibility.

Infrastructure Leasing & Financial Services (“IL&FS”) has received a strong response to its asset monetization process, initiated a fortnight ago, towards developing a resolution plan(s) for the IL&FS group. More than a dozen Expressions Of Interest (EOI) towards acquiring IL&FS’ stake in IL&FS Securities Services Ltd. (“ISSL”) and ISSL Settlement & Transaction Services Ltd. (“ISTSL”) have been received, which the Board is scrutinizing for eligibility.

Investment banks hired by the board of Infrastructure Leasing and Financial Services Ltd (IL&FS) have started reaching out to potential investors to gauge their interest in the assets.

Finding it difficult to comply with stipulated norms for listed firms, crisis-hit IL&FS Engineering and Construction Company has sought permission from market regulator Sebi to delay its financial results for the quarter ending September 30. In its letter to Sebi, the defaulting infrastructure financing major said it will not be able to prepare financial results within the prescribed time period given its present circumstances.

IL&FS on Monday said it has started the process to raise funds from the sale of its assets. In a statement, the company said its new board of directors has decided to solicit expressions of interest (EOIs) to assess the interest for the sale of its stake in IL&FS Securities Services (ISSL) and in ISSL Settlement & Transaction Services (ISTSL).

The Board of Infrastructure Leasing & Financial Services Ltd (“IL&FS”) appointed by the NCLT vide its order dated 1st October, 2018 (“the Board”), submitted to the MCA a Report on the progress and the way forward (“Report”) dated 30th October, 2018, which in turn was submitted to the NCLT. As stated in the said Report, it is the objective of the Board to achieve, by one or more plan(s), the resolution of the IL&FS group through certain measures, including asset divestments.

Former Securities and Exchange Board of India (Sebi) chairman GN Bajpai resigned as director of IL&FS Group just about a month after his appointment citing personal reasons.

IL&FS has told a bankruptcy court that it aims to resolve the liquidity crisis within about nine months, seeking to improve its debt-laden capital structure through asset sales, restructuring of outstanding loans, and infusion of funds.

Pursuant to the orders of the National Company Law Tribunal (Mumbai) (“NCLT”) dated October 1, 2018, the Board of Directors appointed vide this NCLT order (“New Board”) was directed to report to the NCLT by the next date of hearing, being October 31, 2018.

Infrastructure Leasing and Financial Services (IL&FS) on Thursday said C S Rajan has been inducted on the board of ILFS Engineering and Construction Company (IECCL)as additional director.Rajan’s nomination was announced by the newly constituted board of IL&FS in the board meeting held on October 12. Rajan, an IAS officer of 1978 batch, retired as Rajasthan’s chief secretary in 2016. He has since been serving as deputy chairman of Chief Ministers Advisory Council.

Newly-appointed advisors to the IL&FS Group are redrawing the list of assets, including road projects fetching regular annuities, which can be sold quickly to enhance liquidity and extricate operating units at the infrastructure financier out of a funds crunch. They will submit their plans by Saturday and the board will propose the plan before the NCLT on October 31. The IL&FS board has appointed Arpwood Capital and JM Financial as financial and transaction advisors to the IL&FS Group, and the firms are crafting the resolution plans.

The IL&FS fiasco has brought the question of relevance of rating firms to the fore. To err is human, but to remain blind to unfolding events is negligence. While there is a need for improvement in the way they function, they must also be aided by regulation to get all the information

Infrastructure Leasing & Financial Services Board on Monday appointed Arpwood Capital and JM Financial Consultants as Financial & Transaction Advisers to the IL&FS Group and Alvarez & Marsal as Restructuring Advisers to advise the newly constituted IL&FSboard on resolution solutions and asset monetisation.

At a meeting of the Board of Directors of Infrastructure Leasing & Financial Services Ltd. (“IL&FS”) held last week, the Board has considered it important to harmonize all asset monetization activities, including ongoing initiatives, and to undertake the same in a transparent and speedy manner aligned with the broader objective of optimizing the interests of different stakeholders.

The Union of India (acting though the Ministry of Corporate Affairs) had filed an application with the National Company Law Tribunal, Mumbai Bench under section 242 of the Companies Act, 2013 on October 12, 2018 seeking a moratorium on creditor proceedings against IL&FS Limited (and its group companies) to enable formation of an orderly resolution plan in light of the current circumstances facing the IL&FS group. The NCLT declined (in its order of 12 October 2018) to grant such reliefs and an appeal was filed by the Union of India with the National Company Law Appellate Tribunal (NCLAT).

The Board of IL&FS Ltd., appointed on the orders of the National Company Law Tribunal Mumbai (“NCLT”), had its second meeting today. As permitted by the order dated October 9, 2018 of the NCLT, the Board has initiated the replacement of its nominee directors on various subsidiaries of IL&FS Ltd.

Pursuant to the orders of the National Company Law Tribunal (Mumbai) (“NCLT”) dated October 1, 2018 and October 3, 2018, the Board of the Company has been reconstituted and Mr. Uday Kotak, Mr. Vineet Nayyar, Mr. G.N Bajpai, Mr. G.C. Chaturvedi, Dr. Malini Shankar, Mr. Nand Kishore and Mr. C.S Rajan have been appointed as the directors of the Company. The new Board had its first meeting today.

The Board of Directors of IL&FS approved a Rights Issue of 30 crore equity shares at Rs 150 per share aggregating to Rs 4,500 crores to shore up the capital of the IL&FS. The Rights issue would be completed by October 30, 2018. As on March 31, 2018, IL&FS net worth was Rs 7,400 crores. In addition, the Board approved the re-capitalization of Group Companies to the extent of Rs 5,000 crores in IL&FS Financial Services, IL&FS Transportation, IL&FS Energy, IL&FS Environment, and, IL&FS Education

ITNL Offshore Pte. (IOPL), a subsidiary of IL&FS Transportation Networks (ITNL), has completed sale of CNH 1.00 billion ($155 million) three-year Dim Sum bond. These bonds are guaranteed by ITNL. IL&FS Financial Services (IFIN) was financial advisor to ITNL and IOPL in this transaction.This is the largest bond issuance achieved by an Indian corporate in CNH bond market. This is also the first international bond issuance by any Indian company in 2018, and the first high-yield Dim Sum deal in more than 15 months.

Open to all age groups, a notable addition to this year’s race categories, is the inclusion of the 16 km run. The 5km and 10km run continues to encourage and introduce running as a daily sport among professionals. All the registration proceeds will go to ADAPT (Able Disabled People All Together) the event charity partners and a non-government organisation.Mr Ramesh C. Bawa, Managing Director & CEO, IL&FS Financial Services, said, “Running has not only been considered as an effective physical activity to chase good health and fitness leading to a healthy body, soul and mind, but this also brings perseverance in one's life to achieve the desired goals and ambitions. 'I Run For Fun' is an initiative undertaken by us five years ago with a motive to boost the morale of our employees and other participants to replicate the aspect of 'Run-to-Chase' in their personal and professional life. Besides this, we also feel privileged to provide financial support to one of the foremost 'Non-Profit' organisations in the country called 'ADAPT' with the funds collected from this event. I welcome all the participants to join hands towards a healthier, soulful, social and noble approach.”

With an eye on global liquidity and the increasing global investor interest in the Indian economy, infrastructure conglomerate Infrastructure Leasing and Financial Services Ltd (IL&FS) plans to embark on a major refinancing drive this financial year, said a senior executive of the firm.The group is looking to refinance debt to the tune of Rs15,000 crore this financial year, said Ramesh C. Bawa, managing director and chief executive at IL&FS Financial Services Ltd.

It’s a bold and game changing budget, with the government’s focus on increasing infrastructure spending through the public exchequer, while continuing to prepare the ground for greater involvement of private capital over the longer run. The finance minister has acknowledged the need to continue with strong economic reforms, promote higher investments, and accelerate growth, particularly is sectors like railways, roads, and renewable energy. The budget has focused on greater spending in the rural economy, housing, and infrastructure, and yet maintained best standards of fiscal prudence, which is praiseworthy.

On an e-rickshaw on the road to Banaras Hindu University (BHU), Alka,a third year student, is all praise for Prime Minister Narendra Modi. A first time voter, she thinks Modi is a doer. “Just go to Assi Ghat and see for yourself. The place is completely unrecognisable. It is so clean, and cultural events are held every day.”

IL&FS Financial Services Ltd, the financial arm of IL&FS Group, has raised $30 million from Mauritius-based AfrAsia Bank Ltd and SBM (Mauritius) Bank Ltd through a rupee denominated or masala loan, a senior executive of the firm said. “The masala loan enables us to eliminate currency risk entirely, and deploy funding directly into various infrastructure projects without having to convert foreign capital into local currency,” said Ramesh C Bawa, managing director and chief executive officer of IL&FS Financial Services.

To assess a scientific way for disposal of construction waste, LG Anil Baijal and North Delhi Municipal Corporation commissioner P K Gupta inspected the construction and demolition waste management plant at Burari on Saturday.The construction and demolition waste plant, functional since 2009,earlier had a capacity to process 500 metric tonne of construction waste but the plant has now been upgraded to process over 2,000 metric tonne of malba.

Pension regulator PFRDA has appointed IL&FS Skill Development Corporation to train 64500 government employees and other stakeholders on various aspects of flagship schemes NPS and APY, said a PTI report today.The training institute has been appointed to create mass awareness and impart training on National Pension System (NPS) and Atal Pension Yojna (APY) to the employees of Points of Presence, APY service providers, and corporates of North-West zone.

IPTF was recently awarded the “Safe and Secure Terminal of the Year 2017” by the distinguished Global Ports Forum, Singapore for their contribution to the maritime industry which was covered in an article by Khaleej Times.

IL&FS Skills launched Recognition of Prior Learning (RPL) programme in the Apparel sector under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 2.0, the flagship scheme of the Ministry of Skill Development & Entrepreneurship (MSDE), Government of India at Shivalik Prints a leading knitwear manufacturer & exporter at Faridabad.

IBM has signed a memorandum of understanding with the Infrastructure Leasing and Financial Services (IL&FS) Education to help improve the quality of education and skills for the over 10 million people part of the IL&FS network.

If at all there was a blunt message for anyone in the Union Budget, it was for state-run banks – no more doles. After setting financial parameters to achieve with his Indradhanush in August 2015 on infusion of fresh capital, finance minister Arun Jaitley has sanctioned just Rs 10,000 crore for banks shows his resolve to see results from banks before opening his purse strings. For a segment that needs at least Rs 75,000 crore in the next two years as estimated by ratings company India Ratings, the sanctioned amount is just a drop in the ocean which may not be sufficient to fund the economic growth aspirations. And it is not going to be easy for these banks to raise funds from the market unlike their private peers.

The construction work on the critically and strategically important 9.2 km Chenani –Nashri tunnel is likely to complete by the end of this month.The authorities executing its construction said though its completion hinges on weather and availability of the un-interrupted power supply.“We are in the final stages of testing process- comprising of mechanical, electrical and plumbing (MEP) tests. They were earlier scheduled to be completed by end of January; however, due to bad weather they have been delayed. We are hopeful of its completion by this month, but it depends of clear weather and power supply, which was badly affected due to heavy snowfall in the area,” said an officer working on the site, wishing not to be quoted.

It’s a bold and game changing Budget, the government has focused on higher spending in rural economy, agriculture, housing and infrastructure, and yet maintained the best standards of fiscal prudence. The finance minister has kept in mind the need to continue with strong economic reforms, promote higher investments and accelerate growth, particularly in sectors such as railways, roadways, and solar energy. It’s a very good budget, I would like rate to 8 out of 10.

An interview of Mr. Ketul Acharya, Sr. VP and Group Head, IL&FS Skills Development Corporation Limited.

Orient Green Power's board has approved a plan to enter into exclusive discussions with IL&FS to explore a merger of their wind energy assets, it said in a regulatory filing.ET was the first to report about the potential merger, on January 19. Orient Green said the merged entity will have 1.2 GW of operating wind capacity."Both companies have entered into a non–binding agreement with an exclusivity period of 90 days. At this stage, the companies would like to clarify that any potential outcome is subject to due diligence, definitive documentation and approvals by regulators, creditors, shareholders and other stake holders," the filing said.

The South Delhi Municipal Corporation (SDMC) has initiated a scientific mechanism of collection, transportation and management of garbage and waste with the help of IL&FS (Infrastructure leasing and financial services) by deploying a number of fixed compact compressors and different kind of tippers, green waste management by using wood chippers, construction of more and more public toilets, discouraging open defecation and training citizens and Resident Welfare Association (RWAs) on the procedure of segregation of the waste.The SDMC is also going to set up the first bio-gas plant at Goyla Dairy in the Najafgarh Zone, spread over an area of two acres. T he project, developed by the South Delhi Municipal Corporation (SDMC), will beconstructed on the Public Private Partnership model, an official said.

An overview of development of port based integrated development and IMICL’s project is an Integrated Maritime Complex in Nana Layja, Gujarat.This article was published in Gujarat Infrastructure Annual Issue in January 2017.

IL&FS Transportation Networks (ITNL) is aiming to reduce interest costs, lower debt equity ratio and make its projects debt-sustainable in the next 18 months. The company’s larger strategy to arrest its debt woes includes debt refinancing, infrastructure investment trusts (InvITs) and bonds issuance. For ITNL, the current financial year has been a mix of winning new orders and commissioning projects under execution. Although positive in the long run, analysts see this as a tough mix for the company where both capital requirements and debt repayments are bound to rise.

Unnati is an English imparting programme for students of class IX and X in 1115 government schools of the Uttarakhand. IL&FS Education is likely to depute as many as 1115 experts to train the government school kids for almost two months' time.

Interview with Mr Sunil Wadhwa, MD of IL&FS Energy Development Company Limited (IEDCL).At IEDCL, Wadhwa spearheads the IL&FS group’s initiatives in the power sector. IEDCL has been closely associated with several projects for private sector players, state governments and public sector enterprises besides its own projects. Initially, the energy sector projects were developed and housed in a “special infrastructure projects” group of IL&FS. In 2007, IEDCL was incorporated as a separate business entity to play a more focused and active role in energy sector development.

Gulf CEO Business Review covered Amit Datta, CEO and Daan Schute Commercial Director on what makes the terminal the best in the region.

Fujairah Observer covered IPTF’s "greening initiative" in its tank terminal which is first of its kind initiative in the world’s second bunkering hub.

AcadGild has successfully trained students worldwide through its professional certification training courses. Their partnership with IL&FS Skills enables them to expand beyond its current vocational and skill-based training programs, to technologically advanced, professional courses like Android Developer, Big Data & Digital Marketing. This move helps them expand the reach of their courses through more than 100 IL&FS Skills centres across the country.

IL&FS Transportation Networks (ITNL) plans to put three or four road assets valued at between R4,500 crore and R5,000 crore in an infrastructure investment trust (InvIT). The initial offer to the public could be for a quantum of R2,000 crore-2,500 crore, senior executives of the company have indicated.Dilip Bhatia, chief financial officer, IL&FS Transportation Networks, told analysts on Tuesday that the company had applied for an InvIT and was awaiting an approval from the Securities and Exchange Board of India (Sebi). “While the exact details are being worked out, the initial offer to the public would be in the range of R2,000 crore-2,500 crore,” he said. The road assets placed in the InvIT would comprise a mix of toll projects and annuity projects, Bhatia said.Bhatia said that apart from the outright sale of assets, the InvIT will also help the firm reduce debt at the consolidated level.The company’s consolidated debt at the end of June 30, 2016 stood at over R26,600 crore. Recently, IRB Infrastructure Developers filed a draft red herring prospectus (DRHP) with the capital markets regulator to raise R4,300 crore, making it the first company to do so. Among other infrastructure players, Sterlite Power has also articulated plans for an InvIT.On a standalone level, ITNL expects to reduce its debt by R1,000 crore through sale of assets. The standalone debt stood at around R9,200 crore as on June 30, 2016.In August, the company signed a share purchase agreement with Cube Highways & Infrastructure Pte Ltd, backed by I Squared Capital for the sale of its entire equity stake in the 328-km Andhra Pradesh Expressway (APEL) for an aggregate value of R140.37 crore. As part of the deal, debt of R497 crore will also be taken over by Cube Highways.

Road developer IL&FS Transportation Networks Ltd (ITNL) will monetize three or four of its mature assets by creating an infrastructure investment trust (InvIT), a top company official said.The company, one of India’s largest build, operate, and transfer (BOT) road operators, is finalizing plans to launch a trust over the next six to nine months, chief financial officer Dilip Bhatia said in a phone interview.InvITs are trusts which manage income-generating infrastructure assets, typically offering investors regular yield and a liquid method of investing in infrastructure projects. In May, market regulator Securities and Exchange Board of India (Sebi) released norms for the public issue of units of InvITs—the final set of major rules that were awaited before companies could start marketing their issues.“We find it will be a good vehicle to monetize some of our mature assets. While plans are being firmed up, we will look at three to four projects, which will probably go into InvIT and that will help us reduce debt substantially at the consolidated level,” he said. ITNL, with 31 road projects in its portfolio, had consolidated debt of Rs.27,643 crore as on 31 March.

Road developer IL&FS Transportation Networks Ltd (ITNL) on Thursday said it has agreed to sell a road project in Andhra Pradesh to Cube Highways and Infrastructure Pte. Ltd, a joint venture between I Squared Capital and International Finance Corporation, for Rs.140.37 crore. Cube Highways will also assume debt of about Rs.500 crore associated with the project. As a result, ITNL’s consolidated debt will be reduced by about Rs.640 crore, chief financial officer Dilip Bhatia said in a phone interview.The annuity-based project—Andhra Pradesh Expressway Ltd (APEL)—operates a 75km four-lane road stretch on NH-7 across Andhra Pradesh and Telangana. APEL has a seven-year operating history.ITNL, which has 31 road projects in its portfolio, had consolidated debt of Rs.27,643 crore as on 31 March.

Tech education startup AcadGild and IL&FS Skills Development Corporation have partnered to offer technology and business oriented courses to students aimed at improving their employability potential. The pact eyes skilling over two lakh Indian students by 2019, the companies said in a joint statement.

The Telangana Government is planning to set up an International Leather Complex at Station Ghanpur in Warangal district. The Rs 270-crore park will come up in an extent of 117 acres. IL&FS Cluster Development Initiative Ltd has prepared the project proposal.

Infrastructure Leasing & Financial Services (IL&FS) is making final preparations to list India's first infrastructure investment trust (InvIT) to raise Rs 5,000 crore, or $750 million, by early October, a top company executive said. The Mumbai-headquartered IL&FS plans to put four of its 30 big projects into the InvIT initially. It would be a test case for the recently allowed trusts owning income-generating assets to raise capital for the infrastructure build-up in Asia's third largest economy. "The market regulator and the finance ministry have been supportive as we are working towards becoming the first InvIT to list on the bourses. We are almost there, and hope to get clearance very soon. Our plan is to go for the listing by September-end or early October," Ramesh C Bawa, MD & CEO, IL&FS Financial Services, said in an interview.

As a part of this programme, YES BANK has initiated strategic tie-ups with reputed training institutes like TimesPro, HCL TalentCare, Teamlease Skills University, IL & FS Skills Development Corporation amongst others.

Mr Jim Yong Kim, President, World Bank visited IL&FS Institute of Skills, Delhi and took a first hand experience of the technology aids used for training at centre.

SDMC launches integrated system for garbage collection and disposalFrom Daryaganj to Badarpur, residents of South Delhi’s Central Zone will find it easier to dispose of garbage from Thursday morning.The South Delhi Municipal Corporation on Wednesday launched an integrated system for collection and disposal of garbage in its CentralZone, with the remaining three Zones to follow later this year.Under the new system, there will be door-to-door garbage collection and segregation at source by the civic body for the first time.Flagging off the scheme, Union Home Minister Rajnath Singh said the new mechanism was in continuation of the work under the SwachhBharat Abhiyan.

IL&FS Transportation Networks Ltd (ITNL), one of the largest roads developers in the country, on Wednesday said Australia’s Macquarie Group Ltd had bought a 15% stake in its Gujarat project.ITNL said Macquarie’s investment vehicle MAIF Investments India Pte. Ltd bought the additional stake in its roads subsidiary Gujarat Roads and Infrastructure Co Ltd. for about Rs.109.8 crore.In January 2015, Macquarie had acquired about a 42% stake in Gujarat Roads and Infrastructure for Rs.650 crore, according to a presentation by Macquarie dated 30 September 2015.After the latest transaction, Macquarie will hold a 56.8% stake in Gujarat Roads and Infrastructure, while ITNL will cease to have management control. ITNL said in a BSE filing that it will, however, continue to hold 26.8% in the company.ITNL has 31 road projects in its portfolio, of which 22 are operational. The company has been looking to monetize its portfolio of operational build, operate and transfer (BOT) road assets for several months and has evaluated options ranging from listing these projects under the newly approved infrastructure investment trust to an outright sale, in order to cut debt and fund projects under construction.The company is one of India’s largest BOT road operators with exposure to national and state highways, urban roads, tunnels, flyovers and bridges. It had consolidated debt of Rs.26,213 crore as of 30 September.

L&FS Transportation Networks Ltd’s (ITNL) robust performance in the March quarter is the result of a better-than-expected-income from all its business segments. One, construction income was the sweet spot that drove net revenue higher by about 72% from a year earlier, catapulting it higher than the street’s forecast. Two, the pace of project completion was faster, and, three, tolling revenue came in higher than expected.So, a huge revenue beat pushed up the quarter’s operating profit by about 80% from a year earlier. Further, ITNL’s decent order book provides growth assurance over the next 12-18 months.But then, the high proportion of income from the construction segment turns out to be a double-edged sword. While it fuels revenue growth, it does not augur well for profit margins. Operating margin at 30.5%, although wider than the year-ago period, fell short of that pencilled in by brokerages. ITNL’s margin was also impacted adversely by a Rs.44 crore provisioning made during the quarter towards loans that the firm is doubtful of receiving.The concerns on profitability are likely to continue as most of the orders are in the low-margin construction segment. This is not all. ITNL’s balance sheet is already highly stressed with a debt-to-equity ratio in excess of 4. This weighs down investor sentiment, which makes the ITNL stock wobbly. Besides, in spite of turning in a better than expected revenue and order book growth, the stock has underperformed the benchmark indices in the last one year.The silver lining in the cloud of debt is that the recently raised money, through a rights issue, should lower leverage. But according to the post-results review by Emkay Global Financial Services Ltd, “Leverage continues to surge higher and ITNL earnings highly leveraged to new orders, equity funding gap would still put pressure on balance sheetWhat would work in favour of the company is strong revenue traction as new projects are due to get commissioned, easing cash flows from business operations over the next 12 months. ITNL’s trump card would be its ability to monetize some of its existing and operational assets. Also, funds could be raised through the new route of Infrastructure Investment Trust, for which approval is awaited from the regulatory authority.

Naveen Verma, Secretary, Development of North Eastern Region (DoNER) Ministry visited the IL&FS institute of Skill at Bodhjunnagar industrial area and interacted with the students and faculty at the centre and took note of their problems.

IL&FS Transportation Networks on Thursday said it has raised Rs 300 crore through allotment of non-convertible debentures to JP Morgan Securities Asia and JP Morgan Securities India.Gujarat Road and Infrastructure Company Ltd (GRICL), an associate of the company, had allotted 3,000, 9 per cent Rated, Listed, Secured, Redeemable, NCDs of face value Rs 10,00,000, each aggregating to Rs 300 crore on a private placement basis to JP Morgan Securities Asia and JP Morgan Securities India, it said in a regulatory filing.Rating agencies ICRA and CARE have given Provisional Rating for the NCDs as ‘AAA(SO)’, it added.“The funds raised from the issue of the aforesaid NCDs will be utilised by GRICL for repayment/prepayment of the existing Deep Discount Bonds and NCDs carrying interest rate of 15.5 per cent per annum,” the filing said.Formed in 2000 as a subsidiary of IL&FS, the firm is a player in infrastructure development and financing.Transportation infrastructure development was initially taken up in IL&FS, and thereafter the transportation vertical IL&FS Transportation was formed. IL&FS Transportation is the largest BOT (build, operate, transfer) road asset owner in India with about 13,100 km lanes in its portfolio. It has presence in Metro rail, bus services and border check-posts, besides having a footprint in Spain, Portugal and Latin America.

Australia’s Education Ambassador to India and Australian cricket legend Adam Gilchrist, today visited IL&FS Institute of Skills (IIS) to witness sports vocational training courses run by Sports Education Development Australia (SEDA-India) in collaboration with IL&FS Skills.

IL&FS Transportation Networks (ITNL) is in the process of closing sale of its two annuity road assets, one in Andhra Pradesh and one in Karnataka, sources with knowledge of the developments told FE. It is understood that I Squared Capital is leading the race for acquiring these projects.The total enterprise value of the two assets is expected to be in the range of Rs 1,550-1,600 crore, according to sources.The two assets are understood to be the 328 km Andhra Pradesh Expressway (APEL), worth Rs 863 crore, and the 472 km North Karnataka Expressway (NKEL), pegged at Rs 600 crore. Both projects were bid out by National Highways Authority of India (NHAI) on a build, operate and transfer annuity basis. While NKEL has been operational since July 2004 and has a concession period of 17.5 years, APEL became operational in September 2009 and has a concession period of 20 years.In a response to email queries, ITNL said, “Due to non-disclosure agreements, specific details cannot not be divulged.” A response from I Squared Capital was awaited at the time of going to press.Sources said that while ITNL is talking to a host of investors to sell its entire annuity road assets portfolio, the discussions on sale of these two projects are likely to bear fruit soon.Apart from I Squared, the company is said to be in discussions with Brookfield Asset Management, IDFC Alternatives and few pension and sovereign wealth funds to sell part or full stake in four other operational roads, and one which is still under construction.Top management officials of ITNL in an analysts’ call in February had indicated that the company is willing to sell some of its road assets. K Ramchand, managing director, ITNL, told analysts that the company will be looking at selling part debt and equity in projects that are maturing. “It is not that we are selling the entire 100% but only part of these projects, realising some value in them,” he said. He added that it was part of the company’s strategy to meet its equity requirement as well as pare debt on its standalone entity.“ITNL management has been actively working on divesting part or a majority stake in three to four road assets to monetise the investments. A few investors have evinced interest and offers have been made, but no definitive agreements have been signed as yet,” a source said.ITNL’s standalone debt at the end of December 2015 stood at Rs 8,873 crore, up from Rs 8,430 crore as of September 30, 2015. Its standalone debt for the full year ended March 31, 2015, was Rs 7,439 crore. The company’s consolidated debt, which has also been on the rise, stood at Rs 26,900 crore at the end of December 2015. This was up 2% sequentially.ITNL’s leverage ratio, though improved from 4.5x to 4x in December compared with September 2015, was still on the higher side. Edelweiss Securities in a February 2016 report said that debt reduction is key for ITNL. The company had utilised Rs 740 crore from a rights issue to prune debt during the third quarter of FY16.Over the last one year, brokerages have pointed out that ITNL’s balance sheet has been highly leveraged and would require equity dilution to bring down its net debt to equity ratio. HSBC Global Research observed in a report last year that ITNL’s leverage balance sheet severely hampers its ability to add new projects.The foreign brokerage also pointed out that despite the potential equity dilution, its net debt to equity would remain above 3.0x, which will restrict the company from investing into new assets.

The mounds of debris along roads, which block traffic and eat up parking space, may finally be put to good use with government agencies being asked to use recycled construction and demolition (C&D) waste for their projects.The country’s first C&D waste recycling plant, with a capacity of 2,000 TPD (tonnes per day), was set up in North-West Delhi’s Burari in 2009. Since then it has processed 20 lakh tonnes of debris or malba . But, due to lack of planning and coordination the recycled material —ready-mix concrete, kerb stones, cement bricks — have just been piling up here.Delhi got its second such plant in East Delhi’s Shastri Park last year, which is yet to work at its full capacity of 500 TPD. Two more C&D waste recycling plants are being planned by the Public Works Department.

In what has could come as a big relief for infrastructure financing, the ECB policy of December 2015 is all set to be amended. With minimum maturity likely to be halved to 5 years, what does this mean for the cash-starved infra sector? To discuss more on the same, Sunanda Jayaseelan and Anupriya Nair of Bloomberg TV India are joined by K Ramchand, CEO - Infrastructure, IL&FS.

IL&FS Energy Development Co. (IEDC) has embarked upon a first-of-its-kind feasibility study to examine the possibility of integrating wind and solar power production along with energy storage at a single plant. The results are expected by September. "They can be utilised by anyone who wants to come up with hybrid tenders or demonstration hybrid projects," said Sunil Wadhwa, Managing Director. "We have also talked to the Central Electricity Regulatory Commission to consider fixing a special feed-in tariff for such projects." IEDC, the power and infrastructure arm of IL&FS, currently operates 760 MW of wind farms across seven states and is developing one each at Ramagiri in Andhra Pradesh and Nana Layja in Gujarat. It is setting up solar parks of 5,000 MW capacity in Rajasthan in collaboration with the state government. The company is also into bagasse-based power generation and bio-mass projects.

ORIX Corporation (“ORIX”), a leading integrated financial services group, and INFRASTRUCTURE LEASING & FINANCIAL SERVICE LIMITED (“IL&FS”), an infrastructure development and finance company, today announced that they will expand the wind energy platform with a total capacity of 1,004 MW in India. ORIX has been a significant shareholder in IL&FS since 1993 and the partnership is targeted to also achieve a large-scale solar capacity in the coming years.ORIX has invested in 49% of the equity of the Wind Platform of IL&FS aggregating to 1,004 MW, of which 775 MW is operational, and the balance is under construction. In this project, total 26 wind power plants will be built in seven states where wind conditions are better than other parts of India. The generated power will be mainly sold to state power companies under the feed-in tariff scheme as well as to commercial-scale utility customers.

IL&FS Clusters plans to launch an e-platform to bring multiple SMEs together and link them with financing agencies, financial advisors and technology and marketing consultants.

Waste from construction sites will now be reused to make tiles and other building materials with East Delhi getting its first such recyclingplant.The construction and demolition (C&D) waste recycling plant at Shastri Nagar was inaugurated by East Delhi MP Manoj Tiwari on Sunday.Spread over 2.5 acres, the plant is a public private partnership between the East Delhi Municipal Corporation and Infrastructure Leasing andFinancial Services (IL&FS).

Computer-based education in government schools in the Union Territory will now get a fillip with the Department of School Education launching the ICT@schools project, a Central scheme after a gap of 10 years. IL&FS Education and Technology Services Limited has been selected for the supply of computers, education software and other management systems.

The Indian Army, as part of the 68th Army Day 2016 Celebrations, conducted an Indian Army Skills Symposium in collaboration with the National Skill Development Corporation (NSDC). The Army delegates visited IL&FS Skill Development Centre located at Okhla. The visit gave an opportunity to the Indian Army leadership to witness the training standards and norms as prevalent in the industry and explore possible avenues to partner with them in this field.

Mother Dairy, whose about 400 Safal outlets in the Delhi-NCR region sell vegetables and fruits, juices, pulses, and spices, will now sell organic compost made by IL&FS Environment to households and farmers.“In the next two-three months, we hope to take this compost to about 5,000 farmers who work with us on a daily basis,” said Nagarajan S, Managing Director, Mother Dairy Fruits & Vegetables Private Ltd, a wholly-owned subsidiary of National Dairy Development Board.

To meet the challenge of handling this projected exponential growth in traffic; Indian ports will need to improve their operational effeciencies in addition to increasing their capacity as, when compared to international benchmarks, there is a huge scope of improvement in various operational parameters of Indian Ports. IMICL’s view on increasing effeciencies in its projects in Ports focused Infrastructure Today December 2015.

The central government and the jail administration have started a massive skill development drive to train 1200 inmates in numerous employable skills. IL&FS Skills has been identified by the ministry to provide training to inmates.

Indian Diadactic Association has recognised IL&FS Education as the ICT Company in Education for the year 2015. This Award is one of the highest recognition, globally recognized for setting Industry benchmark on Innovation, Implementation, Impact, Sustainability and Scalability.

InterContinental Hotels Group and skills development organisation IL&FS Skills have launched a second IHG Academy branded training centre under their partnership in Kalimpong, West Bengal. The centre is set to be one of the largest talent development centres under the American hospitality programme, attracting young talent from the rural areas of Northeast India.

Business Today magazine, in its special edition, recognized IL&FS Education as India's Fastest Growing Emerging Company of 2015. This study was conducted on a pan-India basis to identify companies across sectors clocking an average growth of 50% and above. IL&FS Education along with its group companies, IL&FS Skills and IL&FS Clusters has been identified in the Rs 500 - 1000 crore JV/Subsidiary category.

Ask Karunakaran Ramchand, MD at IL&FS Transportation Networks, if he is particularly proud of any of the company's road projects and he would not single out any project. Nudge him a bit and he starts talking about the two tunnel projects the company is building inJammu and Kashmir. The nine km Chenani Nashri tunnel, when completed in May next year, will be the longest tunnel in India and will reduce the travel time between Jammu and Srinagar by almost two hours. The 6.5 km tunnel, the second between Srinagar andSonmarg, also passes through a treacherous terrain, and Ramchand has a bag full of anecdotes on the difficulties he faced in the projects from unpredictable weather to threat from militants.From an engineering point of view too, the Himalayan projects are challenging. "It is a remarkable achievement for an Indian company," says Hari Sankaran, Vice Chairman and MD.So, what sets IL&FS apart from its peers? "It doesn't bid for just any project that comes its way. It ensures it bids only for projects that have high margins," says Anubhav Gupta, Senior Analyst at brokerage Maybank Kim Eng. Gupta endorses the company's strategy ofworking on annuity projects. "Most of its peers go only for tollbasedprojects, hoping to earn a higher return on equity, but that's not always the case. Annuity ensures a fixed source of income and it makes sense to have a mix of both."Although 60 per cent of the company's revenue comes from concession projects, Ramchand likes to call IL&FS more an operations company than a construction firm."Twenty per cent of our revenue comes from toll and annuity projects. We collect Rs 6.5 crore a day from toll projects. By 2017, this will rise to Rs 1112 crore a day. Then, almost one third of revenue, about Rs4,000 crore, will come from annuity and toll income."Ramchand also expects international business to contribute around 25 per cent to the company's revenue in the next few years from 20 per cent now. It is focusing on the road maintenance business through its 2008 acquisition of the Spanish operations andmaintenance company Elsamex. Through this unit, IL&FS has a presence in Latin America, the US, West Asia and China. It is also planning to enter Bangladesh and Nepal. Ramchand say Elsamex will give IL&FS an edge even in India. "In India, importance is given only tobuilding roads. That's not longterm strategic thinking. You also have to plan maintenance, as it brings down the lifecycle cost."IL&FS has 9,000 lane km of roads operational and another 3,000 lane km will be ready by 2017. Overall, it has projects worth Rs 36,000 crore in its portfolio. What's next? "India will continue to need good roads and better airports," says Sankaran. "We will have enough onour plate."

Interview of Mr Mukund Sapre, Executive Director, IL&FS Transportation Networks Limited (ITNL) on how he has made a success of "risky" projects.

Toll shortfall of around Rs 2-2.5 lakh from the Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL) will be compensated by the government on quarterly basis, Mukund Sapre, ED, IL&FS Transportation said.Maharashtra government will exempt the light motor vehicles and MSRTC from paying toll on WCBTRL in which IL&FS Transportation holds a 35 percent stake. Sapre told CNBC-TV18 the company collects nearly Rs 16 lakh toll per day and the above decision will not impact its consolidated numbers.Discussing performance of the company, Sapre said last year it had got contracts from National Highway Authority of India (NHAI) and Ministry of Road Transport and Highways (MoRTH). In FY16, the company is expecting an increase in order inflows by Rs 5,000 crore. “Last year, we covered 7,000 kms. Going forward, we are expecting the same or even better,” Sapre said.The company is expecting a building, operating and transfer (BOT) order from Nepal in the next two months for which it will submit a revised proposal on June 13th. Besides this, it is hoping for another tunnel project, the Zojila project for which it will submit the bid on June 15th.Sapre said the existing projects are expected to be completed by 2017.

IL&FS Transportation has bid for most National Highways Authority of India (NHAI) tenders in the last 2-3 months. The company’s arm has raised 690 million yuan or Rs 692 crore in a bond sale in March.In an interview to CNBC-TV18, Mukund Sapre, ED of IL&FS Transportation, said the company has been awarded around 3,000 km of road orders by NHAI in FY15 and has been expecting another Rs 5,000 crore worth of add-on orders in FY16. The company has also been eyeing to bid for the 13-km Zojila tunnel project in Kargil, Sapre said.

The Digital Duniya – Computer Education on Wheels is a part of Parivartan, a CSR initiative of the private company, IL&FS Transportation Network Limited (ITNL) being implemented by IL&FS Education and Technology Services (IETS).

In a chat with ET Now, Ramchand Karunakaran, MD, IL&FS Transportation Network Limited, shares his business outlook.

The coming Union Budget needs to address the issues in the infrastructure sector, including road building, with a pragmatic approach.Infrastructure projects require long-term investments, which ideally match the long duration investments of pensions funds and sovereign wealth funds. There should be a paradigm shift in the thought process, especially in resolving concerns related to financing infrastructure. The Budget should make more provisions to increase foreign investor participation in the sector. Policy framework needs to be put in place to recognise pension and insurance funds as recognised lenders; this will permit Indian infrastructure developers to avail themselves of external commercial borrowings (ECB) for repayment of loans taken from domestic banks.Measures should be introduced to improve long-term funding availability for the infra sector. A framework is essential for banks to raise resources to finance their long-term loans to infrastructure. Investors’ confidence has significantly deteriorated, mainly due to lack of dispute resolution mechanisms, project price escalation and delayed policy decisions. It is necessary to have an expeditious modus of dispute resolution.Single-window clearance, increasing role of e-governance to fast-track pre-execution process, improved monitoring of road projects and awarding projects only when all requisite approvals are in place will all help.Budgetary allocations to the sector should be increased to meet the target to build 30 km a day. A clear road map for setting up an independent road sector regulator and clarity on its role is essential.Amendment of Section 80-IA regarding upgrading existing infrastructure is a necessity. The tax incentives under Section 80-IA gets neutralised by paying MAT at 20.01 per cent on book profits

News paper article on construction and demolition waste recycling plant in Burari.

Pointing out that public private partnership (PPP) has delivered iconic infrastructure like airports and highways, Union Finance Minister Arun Jaitley on Thursday maintained a steady focus on PPP in his maiden Budget for 2014-15, announcing a number of steps to fast-track such projects in several areas.In his Budget speech, Mr. Jaitley proposed setting up of an institution, called 3P India, with a corpus of Rs. 500 crore to provide support to mainstreaming PPPs.The stamp of ‘Modinomics’ could not be missed in favouring the PPP route for development as the BJP’s manifesto and Prime Minister Narendra Modi rooted for it to help create world-class infrastructure in the country.However, Mr. Modi during his tenure as Gujarat Chief Minister had added another ‘P’ (People) to it to signify people’s involvement in such project and the 4P concept was successfully tried in the Vadodara Halot Toll Road project.The favoured PPP route ran like a common thread in Mr. Jaitley’s speech when he touched upon sectors such as urban renewal, urban transportation, real estate and gas pipelines.“The task before me today is very challenging because we need to revive growth, particularly in manufacturing and infrastructure to raise adequate resources for our developmental needs,” Mr. Jaitley saidThe Finance Minister said India had emerged as the largest PPP market in the world with over 900 projects in various stages of development. Iconic infrastructure like airports, ports and highways, delivered through PPPs, are seen as models for development globally, he said.Sounding a note of caution, Mr. Jaitley said: “But we have also seen the weaknesses of PPP framework, the rigidities in contractual arrangements, the need to develop more nuanced and sophisticated models of contracting and develop quick dispute redressal mechanism.”He reiterated the government’s commitment towards improving infrastructure in all sectors including roads, port, airports, railways, urban, rural and industrial infrastructure besides ensuring adequate flow of funds and financing of projects.Mr. Jaitley proposed to develop an additional 15,000 km of gas pipeline systems in the country using appropriate PPP modelsThis will help increase the usage of gas, domestic as well as imported, which in the long-term will be beneficial in reducing dependence on any one energy source,’’ Mr. Jaitley said

Overseas arm of leading infra lender and toll road operator IL&FS has raised 575 million yuans (around USD 92 million) from the Chinese Debt Market.

Article in Times of India dated 29 May 2014

IL&FS Transportation Networks Ltd. has inaugurated the Sharjah General Services Company (Khadamat), in partnership with Sheikh Sultan bin Ahmed Al Qassimi, Chairman of Sharjah Media Centre. Khadamat is aimed at comprehensive and integrated development of the region through enhancing infrastructure for both the public and private sectorsKhadamat was incorporated for managing and operating facilities; creating an international infrastructure for surface transportation, logistics, industries and services sectors; and managing such as infrastructure in accordance with international standards, including the establishment of an internal and external road network and the launch of strategic real estate development and redevelopment projectsThe Chairman of Khadamat said the company's projects, which would be implemented using the world's most advanced methods and technologies, would contribute to the stimulation of economic growth and realization of Sharjah's vision in terms of enhancing the relationship with reputable investment companies, improving economic efficiency and attracting investments

In India, millions of young people are unable to find a job while employers struggle to find qualified candidates. According to government estimates, 500 million young people must be trained by 2022. To help achieve this, the government's National Skills Development Corporation, set up in 2009, funds training centres and acts as a go-between with industry. It is effectively training youth on a war footing. Its target is to give vocational skills to 500 million Indians by 2022.Private companies are pitching in, too. IL&FS skills training centre has trained around 225,000 since 2007. By 2017, it plans to have trained 4 million young people.IL&FS Skills is one of the largest providers of skills and placement support to candidates from 25 states in India. Our initiatives in skills range from public sector scheme based programs; private funded initiatives (HR, CSR initiatives) to Public Private Partnership (PPP) models. Under our public funded skills initiatives with Government of India, we are currently working very actively with Ministry of Rural Development, Ministry of Textiles, Ministry of Human Resource Development and Ministry of Housing and Poverty Alleviation.

IL&FS Transportation Networks Ltd announced on Monday that it had completed its Pune-Solapur Road Project over four months ahead of schedule.“…the Provisional Completion Certificate was issued by National Highways Authority of India on August 23, 2013 for the Pune-Solapur Road Project which was awarded to the Company. The Company has commissioned the Project 145 days ahead of Scheduled Project Completion Date,” said the exchange announcement.

Come July 1, 70 per cent of the rubbish generated in the city would be converted into manure, the sale of which would also fetch some extrarevenue for the civic body.This is consequent to the decision of the Mangalore City Corporation to award a private company the contract of operating and maintaining the compost plant and sanitary landfill site at Pachchanady from next month.The company is expected to install two more machines – one of them by July end – for precomposting segregation in addition to the existing 120 tonne capacity a day processing machine already in use. According to an agreement signed with the company on May 29 not more than 30 per cent of the waste generated a day should be dumped in the landfill site. The source said that the company had its own arrangements for marketing compost.

IL&FS Transportation Networks has signed the Concession Agreements with the concerned Authorities for the projects, (i) Kiratpur Ner Chowk section of NH 21 of 90.175 kms in the States of Punjab and Himachal Pradesh, (ii) Beawar Gomti section of NH 8 of 88 kms of the total 116 kms (Capacity augmentation) in the State of Rajasthan and (iii) Sikar Bikaner section of NH 11 of 237.57 kms in the State of Rajasthan. The commencement of work of the aforesaid projects was pending receipt of clearance from the Forest Department.The Forest Advisory Committee of the Ministry of Environment & Forest, Government of India at their meeting held on June 10, 2013 have provided clearance for commencement of work for all the aforesaid Projects.Shares of IL&FS Transportation Networks Ltd was last trading in BSE at Rs.175.40, up by Rs.5.85 or 3.45%. The stock hit an intraday high of Rs.177 and low of Rs.166.20.The total traded quantity was 13973 compared to 2 week average of 7152.

IL&FS Transportation Networks Ltd has informed BSE that, MP Border Checkpost Development Company Ltd, a subsidiary of the Company, which had been mandated the development of 24 Border Check Posts by the M. P. Road Development Corporation Ltd. has been issued a Provisional Completion Certificate to commercially operate 2 Border Check Posts, namely, at (i) Agra - Mumbai and (ii) Indore - Ahmedabad effective April 26, 2013. The Project is fee based with a Concession period of 12 1/2 years.

ITNL Offshore Pte Ltd, a wholly-owned subsidiary of IL&FS Transportation Networks Limited (ITNL), successfully completed a foreign currency bond offering of 5.75% RMB 630 million (about Rs.525 crore and equivalent to US$ 100 million) due 2015. These bonds have been placed as part of a public offering marketed in the Hong Kong and Singapore markets This would also be the first Indian listing on the Hong Kong Stock Exchange

IL&FS Transportation Networks Ltd has informed BSE that the Hazaribagh - Ranchi section of NH-33 from km 40.500 to 114.00 in the State of Jharkhand (“the Project”) being implemented by the subsidiary of the Company has been issued a Provisional Completion Certificate by the Competent Authority effective September 15, 2012.The Project has been commissioned 134 days ahead of Scheduled Project Completion Date i.e. January 27, 2013. The Company shall receive from NIIAI, a semi-annual annuity of Rs. 64.08 Crores for a period of 15.5 years effective September 15, 2012.In addition, the Company shall also receive a one-time Bonus Annuity of Rs. 47.70 Crores for early completion of the Project.

The South Delhi Municipal Corporation’s composting plant in Okhla received Rs.25 lakh as carbon credits from the United NationsFramework Convention on Climate Change. The plant, which has been set up under a Public Private Partnership model with InfrastructureLeasing and Financial Services Limited, has processed two lakh tonnes of municipal solid waste into high compost through aerobiccomposting technology.

IL&FS Education and Technology Services Limited (IL&FS Education) have been engaged by the Community & Rural Development Department, Government of Meghalaya to impart skills to rural youth from BPL families and make them employable.Read the complete article at the following link.

The Waste Management strategy for treatment and disposal of Mumbai's 6,000 tons per day of municipal solid waste which focuses on environment friendly technologies including Composting and Biomethanation has been developed by IL&FS. The Landfill Project at Gorai, has been completed in 24 months, commissioned in February, 2010, at a total capital cost of Rs. 50 crore. After competitive bidding, IL&FS was selected as the project developer and environmental consultants to MCGM. The transaction is one of the largest carbon advance transactions in the Clean Development Mechanism (CDM).

IL&FS Education and Technology Services (IETS), has raised private equity capital of Rs. 172 crore from India Equity Partners (IEP) through a combination of primary and secondary capital. IETS the educational-focused subsidiary of IL&FS provides holistic end-to-end solutions in education and training to schools, colleges, vocational training institutes, government and the corporate sector.

The BMC has appointed Infrastructure Leasing and Financial Services Ltd (IL&FS), as consultants for the Gorai Dumping Ground Closure Project. A scientific closure of the dump was recommended as it had reached saturation point. The cost of the project, the first of its kind in the country, is Rs 62 crore, which includes post-closure maintenance of 15 years.

The BMC has appointed IL&FS as consultants for the Rs 50-crore project for which 40 wells have been dug up at the site to capture, treat and release the methane gas emitted from the site. In a first-of-its-kind plan, the civic body hopes not only to earn about 1.63 million carbon credits (CER), but also generate about 3MW to 4MW of electricity every day from the methane gas emitted from there. "The carbon credits will not only contribute to checking global warming, but will also earn us a handsome revenue of Rs 65.5 crore — at a minimum rate of US $10 for every CER assured by the World Bank,' said additional municipal commissioner R A Rajeev. The Gorai closure is projected to be over by the end of this year and expected to earn CERs from May, 2009.

Thursday,Aug 21, 2008Hindustan Latex (HLL), which operates under the health ministry, will manufacture medical devices. They have signed an agreement with Infrastructure Leasing and Financial Services (IL&FS) for the purpose. IL&FS, the project consultant for the project, is a leader in developing industrial clusters on public-private partnership. The company would identify the prospective investors, structure the project and provide engineering and financial services to the project.

Infrastructure Leasing and Finance Services (IL&FS) Development Corporation is laying down the blueprint for multi-level bus terminals with taxi stands, private food chain outlets and shopping complexes in Gujarat, Punjab, West Bengal, Orissa, Bihar Andhra Pradesh and Karnataka.

Thursday,Jun 12, 2008The Community Service Centre (CSC) Project being rolled out under the national e-governance action plan could soon get an impetus, with the National Spot Exchange of India Ltd (NSEIL) agreeing to provide farmers access to spot prices of various farm produce at the CSCs. IL&FS is the national level service agency appointed by the Ministry of Information Technology for project development, facilitation and coordination of the CSC project.

Wednesday,Jun 11, 2008Punjab National Bank (PNB) entered into a Memorandum of Understanding (MoU) with ILFS Cluster Development Initiative Ltd (ILFS-CDI) to help finance a variety of industrial infrastructure projects and small and medium enterprise (SME) units in identified clusters. Under the MoU, ILFS CDI will be responsible for sourcing of the projects, project structuring, project development, engineering and procurement, project management and project monitoring. PNB will finance the projects

The Rs 250-crore project set on a 65-acre site at the outskirts of Palladam on the Coimbatore-Tiruchi sector of the National Highway, was formally commissioned by Mr P. Chidambaram, Union Finance Minister The project has been promoted as a public-private partnership programme in which the small-scale powerloom weavers as promoters have brought in their investment to set up individual units. Infrastructure Leasing and Financial Services is the project management consultant and has also lent financial support to the project along with SIDBI and a consortium of bankers