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.