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According to reports, this may enable IL&FS to repay a debt of around Rs 1,000 crore
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The recovery has been ordered by the corporate affairs ministry after the Serious Fraud Investigation Office (SFIO) said the trust was used to park excess funds or profits and subsequently used to facilitate payoffs to select employees
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IL&FS has decided to monetise this marquee DND flyover, which was built in 2001, as one of the first roads to provide seamless connectivity from Delhi to Noida.
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NCLAT observed that the insolvency resolution of BKEL, which is for the development of a road project in Baleshwar-Kharagpur Section of NH-60, is as per the framework approved by appellate tribunal for recovery of debts of crisis-hit IL&FS group and its entities
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These assets have an approximate enterprise valuation of Rs 8,500-9,000 crore
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A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan also issued notices to the banks, along with the Reserve Bank of India (RBI), directing them to file a reply.
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The yield traded at 8.40 percent on January 18 as liquidity in the banking system remained tight.
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The group has resolved debts through monetisation and termination/settlement of payments by its group entities from the concessioning authorities and counter-party to the relevant contract.
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The 61-year-old MLA from Islampur seat of Maharashtra was issued the first summons for appearance on May 12 but he had sought deferment for about 10 days citing some personal and official engagements.
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When team members differed from Mokashi's view on DHFL's AAA rating, even in the face of shoddy business fundamentals, Mokashi asked them to keep an 'open mind'
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SEBI cracked down harshly on the interference unleashed by former MD and CEO Mokashi vis-a-vis DHFL credit rating. Mokashi has been accused of interfering in the rating process. Eight whistle-blowers' complaints were received by SEBI alleging CARE Ratings was granting AAA ratings to higher fee-paying clients.
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IIDF applied under a provision of the Insolvency and Bankruptcy Code against McLeod Russel India Ltd with the National Company Law Tribunal, Kolkata Bench. This application has been admitted by the NCLT.
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Strong ramp-up in its newer facilities reflect the growing demand for high-end institutional healthcare facilities
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The entire market has to pay for the alleged misdeeds of a few companies and the lackadaisical attitude of the market regulator
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The debt-ridden firm informed about the progress made in the ongoing resolution process till September 30, 2022, in an affidavit filed before the National Company Law Appellate Tribunal (NCLAT).
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The debt-ridden firm informed about the progress made in the ongoing resolution process till September 30, 2022 in an affidavit filed before the National Company Law Appellate Tribunal (NCLAT).
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Nand Kishore, who was serving as an executive director, has been made the Managing Director, according to the company.
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The appellate tribunal also made it clear that the distribution of the amount to the lenders will also be subject to the final resolution of the IL&FS companies concerned.
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The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms -- IL&FS, IFIN and ITNL.
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IL&FS stepped into trouble after a subsidiary, IL&FS Transportation, defaulted on loan repayment in 2018.
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The resolved debt amounts to 90% of the total debt that was expected to be resolved, says CS Rajan, managing director at IL&FS.
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The Il&FS building was one of the first few high-end buildings to come up in BKC and has a leasable area of around 4.5 lakh sq ft. The top three floors were occupied by offices of IL&FS Group which will subsequently be vacated now that the deal has been done.
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Apart from Brookfield Asset Management, several other global and domestic institutional investors had shown initial interest in the IL&FS's headquarters in Mumbai.
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The stock of PSB closed at Rs 15.95 apiece on BSE, up 1.92 percent from the previous close.
