The New Board of IL&FS Limited today shared an update on the progress of the ongoing resolution process across the Group and revised its estimates of debt being addressed to well above 50 per cent of the overall debt of over Rs 99,000 crore.

The New Board had to navigate through complex issues post taking charge on Oct 4, 2018: • 347 entities - 172 domestic, 175 foreign • 99,000+ Cr debt (funded and non funded) with high leverage • Multiple business verticals, 4 layered structure, numerous jurisdictions • Significant intra-group exposure with risks not commensurate with revenue streams

The National Financial Reporting Authority (NFRA) has observed that BSR & Associates did not adhere to standards while scrutinising the accounts of IL&FS Financial Services Ltd (IFIN) in a draft audit quality review, said people with knowledge of the matter. The agency has sought the KPMG India affiliate's comments, they said. BSR and NFRA did not respond to ET's queries. The NFRA, established by the ministry of corporate Affairs (MCA) to monitor and enforce accounting and auditing standards, hasn't made the report public but could do so in the weeks to come, said the people cited above.

Facing delays in finalising bidder due to Covid-19, cash-strapped IL&FS Group is looking at including one more road project - Pune Sholapur Road Development - to its proposed infrastructure investment trust (InvIT), according to a source. It had earlier shortlisted nine road projects with a total debt of around Rs10,800 crore on the proposed InvIT platform and sent it to market regulator Securities and Exchange Board of India (Sebi). The approval for the same is awaited.

Facing delays in finalising bidder due to COVID-19, cash-strapped IL&FS Group is looking at including one more road project - Pune Sholapur Road Development to its proposed infrastructure investment trust (InvIT), according to a source. It had earlier shortlisted nine road projects with a total debt of around Rs 10,800 crore on the proposed InvIT platform and sent it to market regulator Securities and Exchange Board of India. The approval for the same is awaited.

Cube Highways is set to acquire IL&FS Transportation Network arm Chenani Nashri Tunnelway (CNTL), that built the high-profile project in Jammu & Kashmir, in an over Rs 4,000-crore deal that will help the beleaguered company clear some of its debt. During a recent meeting, lenders to CNTL approved the stake sale, which is now subject to approval by the NCLT, bankers told TOI. The cost of this project was estimated at Rs 5,269 crore, with annuities of Rs 634 crore, concession period up to 2032 and overall debt of Rs 4,765 crore

Senior bureaucrat Injeti Srinivas has been appointed as the first chairman of the International Financial Services Centre Authority (IFSCA) for the Gandhinagar-based financial special economic zone or Gujarat International Finance Tech (GIFT) City. On Monday, the department of personnel and training (DOPT) through a notification announced the appointment of the former corporate affairs secretary as the chairman of the newly set up regulator for three years. Srinivas retired on 31May.

The Securities and Exchange Board of India (Sebi) has the power to enhance penalties and levy higher penalty than what was originally imposed, the Securities Appellate Tribunal (SAT) has ruled. The tribunal was hearing a petition filed by Icra Ltd against a second showcause notice issued by Sebi on 28 January seeking to increase the penalty amount. The credit rating agency filed a plea before SAT seeking a stay on the proceedings.

IL&FS Transportation Networks on Friday said one of the lenders of its Spain-based subsidiary, Elsamex has filed a plea for declaration of insolvency of the company. "The Management of Elsamex SAU, Spain, a wholly-owned subsidiary of the company, has informed that an application has been filed by one of their lenders in the Madrid Mercantile Court, Spain for declaration of its insolvency," IL&FS Transportation said in a filing to the BSE.