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