When the Government superseded the IL&FS Board and appointed Uday Kotak to head it, there was hope of quick resolution.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
In a case related to IL&FS securities fraud, the Supreme Court on Tuesday directed the NCL to release cash collateral of Rs 460 crore, extended by clearing broker IL&FS Securities Limited, towards F&O trade
SEBI has rejected credit rating agency ICRA's consent application in the IL&FS case. ICRA has been seeking to arrive at a settlement in the matter of raters not having given warning of IL&FS default in September last year.
The Enforcement Directorate has submitted its first prosecution in the first IL&FS case. While the document, which is similar to the charge sheet, names former directors of IL&FS and its group companies.
Out of the total group debt of Rs 89000 crore, as much as Rs 61,375 crore was held by over 82 entities that were not able to meet payment obligation even to senior secured financial lenders.
Banks and Financial institutions debited more than Rs 758 crore from the accounts of IL&FS and its group companies from October 2018 to June 2019 despite orders from NCLAT, MCA has told NCLT in its filing
EY, the audit firm of ITNL, and its peers firms are facing questions from the state appointed board of its parent and the central fraud probe teams on the alleged irregularities at the unit of the stressed infrastructure financier.
Grant Thornton, which has conducted forensic audit of ISSL, has found what it alleges as multiple operational lapses and high value trade anomalies in the transaction with its client Allied Financial Services
The Board of IL&FS submitted its fifth progress report underlining the steps taken to pare debt and detail the status of asset monetisation process
The RBI has said the beleaguered IL&FS did not disclose any NPAs for four years and there was wide variations observed between the report assessed position of asset classification, while estimating the company's bad debt, at over 70% on March 31, 2018