IL&FS has received binding financial offers aggregating close to Rs. 13,000 crore for ten Domestic Road Assets. These bids were opened on September 9, 2019. In addition to the above, IL&FS Group entities continue to hold rights to receive claims with Gross Value exceeding Rs 1,900 crore, filed with various concession authorities in respect of these assets. The combined value of bids and these claims will help address the cumulative financial debt of Rs. 17,700 crore, as of October 2018, in these assets.
In a bid to classify Amber Companies into Green, the new Board of IL&FS presented the creditors of these entities debt restructuring proposals
A year after IL&FS collapsed leading to a crisis in the financial sector, the resolution process set by the new Board has slowly but steadily started yielding results with 10 Road projects attracting investor interest and seven wind energy assets being sold
Edelweiss , Cube Highways also make offers for 20,000 crore assets spread across seven states
The pipe smoking Ravi Parthasarthy who ran IL&FS as his fiefdom was never an easy man to like. He subjugated managers, fooled generations of lenders , bullied journalists and made directors dance to his tunes.....Many ills underlie the IL&FS saga. Fixing this is as urgent as punishing the scamsters .
IL&FS announced that it has received 14 bids for the Groups 10 road assets that account for nearly 17,700 crore of debt
Ratings Fallout: This is the first such move by a rating agency in the IL&FS issue; interim COO Vipul Agarwal will continue to handle operations until the new CEO is hired
IL&FS today received binding bids for ten road assets in its domestic roads transportation vertical. These 10 road assets that account for total debt of over Rs. 17,700 crore (nearly 19% of total group debt), received 14 binding bids from multiple bidders.
NCLT has approved the sale of units to Japanese partner and asked the company to deposit the money in interest bearing account for now
When the Government superseded the IL&FS Board and appointed Uday Kotak to head it, there was hope of quick resolution. But the complexities and lack of legal framework to handle financial institution bankruptcy have clogged the system