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 BOARD The 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