The Central Bureau of Investigation (CBI) will soon begin its investigation into 12 high profile cases of bank fraud totalling Rs 13,048 crore as the Maharashtra government has decided to give consent to the central agency to proceed with its work. The agency is also expecting a go-ahead from the state government to investigate three separate loan fraud cases of Rs 987 crore, Rs 569 crore and Rs 529 crore against IL&FS Energy Development Company Ltd, IL&FS Transportation Networks Ltd and IL&FS Maritime Infrastructure Company Ltd, respectively. The agency said Yes Bank is the complainant in all three cases related to the IL&FS Group.

The state government in a reply tabled in the assembly stated that it has received a proposal from IL&FS Ltd to take back its development rights for GIFT city over its inability to pay its dues.

The IL&FS building, its unique glass facade seemingly mirroring BKC's emergence as Mumbai's primary corporate hub in the new millennium, is changing hands, with Brookfield Asset Management offering to pay more than Rs1,100 crore for the property that has been home to the debt-laden financier for decades. People with direct knowledge of the development said Brookfield made the highest offer for the 10-storied property that most accurately captures the pronounced northward shift in Mumbai's financial nerve centre, away from Nariman Point on the southern tip of the metropolis.

IL&FS Transportation Networks Ltd has completed the sale and transfer of its 100% shareholding in Sikar Bikaner Highways Ltd, a wholly owned subsidiary, to Roadstar Infra Investment Trust for Rs 375.5 crore, it informed the stock exchanges on Wednesday. The proceeds of the sale will be received in the form of units of the infrastructure investment trust (InvIT). The deal was struck at an enterprise value of Rs 1,015 crore, it added.

Infrastructure company IL&FS Transportation Networks entered into a share purchase agreement with Axis Trustee Services (as the trustee of Roadstar Infra Investment Trust) and others to sell 100 per cent equity of Sikar Bikaner Highways, a wholly-owned subsidiary of the company, for Rs 375 crore. The proceeds will be received in the form of units of the trust. In addition, IL&FS Transportation Networks has also assigned its debts owed to Sikar Bikaner Highways of Rs 207.81 crore by executing a deed of assignment with Axis Trustee Services against which a consideration to the equivalent amount is to be received in the form of units of the trust.

The Supreme Court has sought response from the central government, the Institute of Chartered Accountants of India, Sebi and others on appeals filed by network firm of Deloitte, the former auditor of IL&FS Financial Services (IFIN), and its chartered accountants questioning the National Company Law Tribunal's jurisdiction to prosecute and ban the past auditors for their alleged role in financial irregularities at the company.

Lenders to IL&FS' Jammu tunnel project have approved a proposal to appoint a valuer, forensic auditor, and ratings firm for restructuring the debt of the company, according to a stock exchange disclosure by IL&FS Transportation Network (ITNL) on Tuesday. ITNL has proposed a debt recast of Rs 5,454 crore loans to Chenani Nushri Tunnelway Ltd (CNTL), its special purpose company that constructed India's longest tunnel.

To speed up the debt resolution for the IL&FS group entity CNTL, the lenders led by State Bank of India will meet shortly to evaluate and vote on the new resolution plan that the firm has proposed at a valuation of Rs 5,257 crore. CNTL, which owes a little over Rs 5,500 crore to the lenders, had entered into a share sale agreement with the Singaporean infra major Cube Highways & Infrastructure in August 2020 for a Rs 3,900 crore deal. However, the agreement lapsed last August following which the management appointed an external valuer.

The committee of creditors (CoC) of IL&FS Financial Services, has rejected the offer of UV Asset Reconstruction Company (UVARC) to buy the former's assets. UVARC had offered to pay Rs 370 crore for the Rs 4,300-crore loan book. The CoC has communicated to the IFIN management that it should try to recover loans on its own rather than selling them to an ARC. A spokesman for IL&FS confirmed the development.

An increase in valuation from Rs 450 crore to Rs 3,000 crore in less than a month — this is not a startup, but a property of ABG Cement Ltd, a sister concern of the scam-ridden ABG Shipyard Ltd, that the official liquidator attached to the Bombay High Court is trying to sell to help creditors recover money from the company In a filing before the Bombay High Court on December 8,2021, the official liquidator had asked the court to direct the Enforcement Directorate (ED) to allow the sale a Surat-based cement plant of ABG Cement, which the agency had attached in January 2021, following its probe into the collapse of IL&FS. At the time of the filing, the liquidator said it had found a buyer who was ready to pay Rs 450 crore for the plant but the ED objected to the sale as the attached property was fairly valued at Rs 952 crore. The ED on December 22,2021, asked the High Court to not allow the sale at such a low price.