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