In the news
8 Jan 2021

ISPL repays debt amounting to nearly Rs 845 cr after EEPL clears dues

IL&FS Solar Power Limited (ISPL) has paid its entire debt amounting to nearly Rs 845 crore to its creditors - including financial and operational debt, thereby helping the IL&FS Group move ahead with the resolution process. This follows pre-payment by Embassy Energy Private Limited (EEPL) for the financial assistance provided by ISPL. The repayments by IL&FS Solar also cover tax and statutory dues, without any preference to any creditor or class of creditors, IL&FS group said in a statement.

In the news
8 Jan 2021

IL&FS Solar repays Rs 845 cr. debt, move to aid resolution

IL&FS Solar Power Ltd. (ISPL) said the company had repaid its entire debt amounting to almost Rs 845 crore across all its creditors. ISPL had undertaken construction and financing of a 100-MW AC solar power project for Embassy Energy Private Ltd. (EEPL) for which it had raised secured and unsecured loans.

Press release
7 Jan 2021

IL&FS Solar Power Pays Debt Of Rs. 845 Crore To Creditors

IL&FS Solar Power Limited (ISPL), an IL&FS Group company, has paid its entire debt amounting to nearly Rs. 845 crore across all its creditors - including financial and operational debt, tax and statutory dues, without any preference to any creditor or class of creditors. ISPL had undertaken construction and financing of a 100 MW AC solar power project in Bellary district, Karnataka, for Embassy Energy Private Limited (EEPL) that was commissioned in February 2018.

In the news
6 Jan 2021

ED attaches shares worth Rs 452 cr held by Singapore firm

The Enforcement Directorate (ED) has provisionally attached shares worth Rs 452 crore, or 8.86 per cent stake, in IL&FS Tamil Nadu Power Company Ltd (ITPCL), allegedly held by a shell company based in Singapore, AS Coal Pte, in connection with its ongoing probe into the Infrastructure Leasing & Financial Services (IL&FS) collapse. Owned by Jaimin Vyas, a British national, AS Coal Pte is accused of defrauding IL&FS and Indian banks allegedly in connivance with the officials of IL&FS and a Chinese EPC contractor SEPCO III.

Press release
24 Dec 2020

IL&FS gets approval to sell its China Road Asset

IL&FS Group has received approval from Supreme Court Justice (Retd) DK Jain for sale of its Chinese Road Asset - Chongqing Yuhe Expressway Co Ltd (CYEC) to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd, a group company of PingAn Insurance (Group) Company of China ("PingAn"). IL&FS Group holds 49 per cent stake in CYEC - through its step down Singapore based subsidiary - ITNL International Pte Ltd (IIPL). The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG).

In the news
24 Dec 2020

IL&FS gets approval to sell China road asset

IL&FS Group has received Justice (Retd) D.K. Jain's approval for sale of its Chinese road asset - Chongqing Yuhe Expressway Co Ltd (CYEC) to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin), a group company of PingAn Insurance Company of China. Justice Jain has been appointed to supervise the operation of the resolution process undertaken by debt-laden IL&FS. The sale of the Chinese road asset will allow IL&FS to settle about Rs 2,600 crore of debt at the group level. IL&FS Group holds 49 per cent stake in CYEC - through its step down Singapore-based subsidiary - ITNL International Pte Ltd (IIPL). The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG).

Press release
20 Dec 2020

MR NAND KISHORE APPOINTED EXECUTIVE DIRECTOR OF IL&FS

The Ministry of Corporate Affairs has approved the appointment of Mr Nand Kishore as Executive Director of IL&FS. The term of Mr Bijay Kumar, who was Deputy Managing Director, has come to an end on December 20, 2020. Mr Kumar has decided not to seek extension of his tenure.

In the news
20 Dec 2020

Nand Kishore appointed executive director of IL&FS

Infrastructure Leasing and Financial Services (IL&FS) on Sunday said the Ministry of Corporate Affairs has approved the appointment of Nand Kishore as the group's executive director. Till now, Kishore was serving on the IL&FS board as non-executive director, the company said in a release.

In the news
18 Dec 2020

NFRA can carry on Probe of IFIN Audits : Delhi HC

The Delhi High Court has allowed audit regulator National Financial Reporting Authority (NFRA) to carry on investigation and issue notices to executives working with BSR & Associates, which was the auditor of IL&FS Financial Services (IFIN). While hearing the case on Wednesday, the court, however, said no order should be made effective or put on the regulator's website without seeking permission of the court. Justice Navin Chawla adjourned the case to March 18, 2021for further hearing.

In the news
16 Dec 2020

Indian Bank declares IL&FS Financial Services as fraud

Indian Bank said it reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 408 crore as per regulatory requirement. In October, Punjab and Sind Bank had said it reported to the RBI the account of IFIN as fraud with an outstanding dues of over Rs 561 crore.

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