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. On account 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 Corporation Limited.
The board of Infrastructure Leasing and Financial Services (IL&FS) has submitted a fresh affidavit to the National 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 Insolvency and Bankruptcy Code (IBC)