IL&FS has filed revised resolution and distribution framework with NCLAT

The new board of Infrastructure Leasing and Financial Services (lL&FS) expects to recover close to 50 per cent of the firm's overall debt, which stands at above Rs 94,000 crore. It also expects to complete the resolution process by July 2020 by paring a significant portion of the debt. The board, led by Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank, has taken a series of steps including "resolution, restructuring, and recovery" to pare debt in the absence of any requisite legal framework for group-level resolution under the Insolvency and Bankruptcy Code (IBC)

The IL&FS Group is looking to sell its stakes in Gujarat International Finance Tec-City (Gift City) and some Chinese road assets that would help it resolve Rs 2,800 crore of debt. The infrastructure group's government- appointed chairman, Uday Kotak, also informed shareholder on Tuesday that measures taken up by the new board would result in resolving half its total outstanding debt as on September 30, 2018.

The Board of IL&FS expects to recover over 50% pf its outstanding debt of Rs 90,000 crore on the back of several initiatives taken towards resolving a significant portion of debt by July 2020

Shares of CRISIL, Care Ratings and ICRA have climbed lately after closure of the adjudication proceedings against these rating agencies in the IL&FS case. These 'undervalued' stocks are poised to gain further, with the regulatory push for an active corporate bond market seen benefiting the industry that assesses credit· worthiness. Shares of Care Ratings rallied 39% in the last five trading sessions, while CRISIL shares gained 5% in this period. ICRA gained about 9%.

IL&FS Financial Services reported a staggering loss of Rs 13,272 crore in FY19 compared to a net profit of Rs 9.5 crore in the preceding financial year, revealed the IFIN annual report for FY19

The Board of Directors of IL&FS Ltd. presented the standalone financial statements of the Company for the fiscal ended March 31, 2019 to the shareholders at the Company’s 32nd Annual General Meeting held here today. This is the first AGM that was convened by the New Board. Shareholders adopted the financial results, along with the Directors Report and Auditor’s report. “The combination of complex group structure comprising financial services, infrastructure and other businesses, high level of debt and diverse nature and type of creditors at various levels of the Group represent a very unique scenario which is far removed from other well-known cases of distressed Indian companies in the recent past,” said Mr. Uday Kotak, Chairman, IL&FS Ltd., while presenting the key highlights and challenges as well as progress made through the Resolution process. The Chairman, on behalf of the New Board, in his maiden address to the shareholders, said that IL&FS Group had emerged as a “Test Case” on Group wide resolution of stressed assets.

The Securities and Exchange Board of India (Sebi) on Thursday fined rating agencies Icra Ltd, CARE Ratings Ltd and India Ratings & Research Rs 25 lakh each for failing to exercise due diligence and for lapses in their duty to investors by not taking timely action when they rated the non-convertible debentures or NCDs of Infrastructure Leasing and Financial Services Ltd (IL&FS).

Ministry of Corporate Affairs (MCA), Government of India, has extended the tenure of Mr. Bijay Kumar, as Deputy Managing Director on the Board of IL&FS Ltd, further for a period of one year with effect from December 21, 2019. Mr. Kumar was appointed as Director on the Board of IL&FS by the Government of India from December 21, 2018 and took over as Deputy Managing Director of the Company from December 24, 2018 for a period of one year.

The IL&FS Group will find it easier to unlock its investment in the Mangalore Special Economic Zone (SEZ) joint venture at fair value. In a recent order, Oil and Natural Gas Corporation's (ONGe's) claim, which sought to buy the Stake at a discounted value, was termed unwarranted. IL&FS holds a 49 per cent stake in the Mangalore SEZ while ONGC holds 26 per cent. Kanara Chambers of Commerce, Kamataka Industrial Area Development Corporation, and ONGC Mangalore Petrochemicals are the remaining shareholders in the SEZ