Debt-ridden IL&FS has proposed to initiate bankruptcy proceedings for two of Its offshore firms — ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) - in the courts of the UAE. IL&FS had requested the Mumbai bench of the National Company Law Tribunal (NCLT) to take on record its proposal to initiate the bankruptcy proceedings before the Dubai courts under UAE Federal Decree.

Crisis-hit IL&FS will invite initial bids for selling its corporate headquarters in Mumbai's Bandra-Kurla Complex (BKC) later this month, about two years after the debt-laden infrastructure lender went bust, two people with direct knowledge of the development told ET. The company is looking to monetise the high-end office property by the end of this financial year and the deal is expected to fetch around Rs 1,500 crore.

IL&FS Engineering & Construction Company on Thursday reported narrowing of consolidated loss to Rs 13.58 crore for the March quarter. It incurred a loss of Rs 127.17 crore in January-March period of 2018-19, it said in a filing to BSE.

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the sale of Infrastructure Leasing and Financial Services' (IL&FS) education assets to Falafal Technology Private Limited, a subsidiary of Lexington Equity Holdings Ltd (LEHL).

WHILE THE new board of IL&FS and the directors appointed by it on the subsidiaries of Infrastructure Leasing & Financial Services Limited (IL&FS) have immunity from prosecution in India for the actions of the group in the past, they may not have the same protection in cases filed against the group firms outside the country. Last month, a Spanish court, while admitting a mandatory in-solvency of Elsamex S.A.U — a subsidiary of IL&FS Transportation Networks Ltd (ITNL) - said that the firm's directors, including CS Rajan, Bijay Kumar and Dilip Bhatia will be liable for penalties if they fail to cooperate with the insolvency process initiated by the lenders of the firm in Spain.

The government on Tuesday awarded the work for construction of a tunnel under Zojila Pass to Hyderbad-based Megha Engineering. This is for the third time when the project to provide all-weather connectivity has been awarded in four and a half years after the earlier contracts had to be terminated for some reason or the other.

The Uday Kotak-led board of Infrastructure Leasing and Financial Services (IL&FS) is looking to auction its iconic corporate headquarters at Mumbai's Bandra Kurla Complex (BKC) as it looks to speed up the company's insolvency resolution process that has been held up by regulatory and legal hurdles

Lexington Equity Holdings Ltd., (LEHL) is set to take over IL&FS education arm Schoolnet India Ltd., after the committee of creditors approved the sale, two people aware of the development said. As per the deal, LEHL would service the entire debt of Rs 600 crore owed by Schoolnet and would pay a small equity to parent IL&FS. LEHL already owns 26% in the company.

The Delhi High Court on Tuesday extended the interim stay on the recent separate disciplinary orders of audit regulator National Financial Reporting Authority (NFRA) against Deloitte, Haskins & Sells (DHS) partners in the IL&FS Financial Services (IFIN) audit for 2017-18. The implementation of the NFRA orders will be on hold till the Delhi High Court hears the writ petitions filed by former Deloitte India CEO Udayan Sen and other two DHS partners. The Delhi High Court at its hearing on Tuesday admitted the additional petitions (modifications) to the writs already filed by the DHS partners on this matter.

The audit regulator, the National Financial Reporting Authority (NFRA), has found lapses in BSR and Associates' audit of IL&FS Financial Services (IFIN) and said it was not eligible to be appointed as the statutory auditor of the firm. In its audit quality review report released on Monday, the NFRA said BSR, a KPMG affiliate, violated the provision of non-audit services and had business relationships with the company at the date of its appointment.