Singapore-based infrastructure investment platform Cube Highways has won the bid to acquire India's longest road tunnel- the 9.2-km Chenani- Nashri project in Jammu & Kashmir-for Rs 3,929crore, multiple people aware of the matter said. The IL&FS board has declared Cube as the highest bidder (Hi), and invited lenders to vote for the sale through the e-voting process. The tunnel proj ect has a debt of around Rs ,454 crore and a sale of the asset will help bring down the overall debt position of the company.
THE DEPARTMENT of Economic Affairs (DEA) raised "red signals" about the possible collapse of Infrastructure Leasing & Financial Services (IL&FS) in September 2018 and the impact it would have on the economy, the Ministry of Corporate Affairs (MCA) has said. Days later, on October 1 that year, the government moved the National Company Law Tribunal (NCLT), seeking to supercede the IL&FS board and appoint a new board in its place. The government's plan was approved by the NCLT on October 2.
Sale of Schoolnet India, the education arm of IL&FS, has hit a roadblock after its shareholder Lexington Equity Holdings said it is unwilling to sell its stake in the company to the highest bidder
The government has approached the NCLAT seeking an additional 270 days to complete the resolution process of 105 IL&FS group companies. The ministry of corporate affairs (MCA) has also requested the appellate tribunal to release 55 other entities from moratorium, so that they can discharge their debt obligations.
SIXTEEN MONTHS after the new board took charge of Infrastructure Leasing & Financial Services (IL&FS) Group and having spent nearly Rs 100 crore in fees, the new board under the chairmanship of Uday Kotak has not been able to get the resolution plan approved. This has led to delay in the overall resolution of IL&FS debt. Since the new board took over in September 2018, IL&FS has only been able to complete the sale of its wind energy assets, thereby leading to a debt resolution of Rs 4,300 crore out of the total debt outstanding of around Rs 94,000 crore.
Crisis-hit IL&FS Group has received approvals from various government authorities for claims worth about Rs 2,700 crore towards stuck or incomplete road projects, officials said. The NHAI Conciliation Committee recently approved a claim for approximately Rs 707 crore for the ILFS-Fagne Songadh Expressway Limited project (in Gujarat-Maharashtra border area), while the committee had earlier approved claims of Rs 902 crore for the Khed Sinnar Expressway project (in Maharashtra). Other projects for which claims have been approved include Kiratpur Ner Chowk Expressway Limited for Rs 672 crore (in Himachal Pradesh) and Jorbat Shillong Expressway Limited for Rs 252 crore (Meghalaya). Additionally, the Ministry of Road, Transport and Highways had cleared claims of ITNL Road Infrastructure Development Company (IRIDCL) for Rs 144 crore.
Market regulator has sent fresh notices to rating companies for failing to warn bond holders of IL&FS in time about the scam in the shadow lender after its Board disapproved lower penalty imposed on them on December 26
ITNL was building two stations on Phase I extension. Chennai Metro Rail Limited (CMRL) has terminated the contract of IL&FS Transportation Networks Limited (ITNL) for the Phase I extension project, owing to delay in the completion of construction. In the 9-km Phase I extension project, running from Washermanpet to Wimco Nagar, the stretch between Washermanpet and Korukkupet will run underground,followed by an elevated stretch up to Wimco Nagar.
DRAWING LESSONS from the alleged role of auditors and their failure to flag irregularities at companies such as Infrastructure Leasing & Financial Services (IL&FS), the Ministry of Corporate Affairs (MCA) has floated a consultation paper seeking industry comments on various aspects of auditing as a profession
Lenders of entities of debt laden IL&FS on Thursday opposed the Board proposal that seeks to revise the formula for distribution of proceeds from the sale of Group entities placed before the NCLAT. Next hearing on Feb 7, 2020