Order dated March 24 brings auditors within scope of Section 339; liability to hinge on evidence of ‘knowing participation’
According to reports, this may enable IL&FS to repay a debt of around Rs 1,000 crore
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
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.
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
These assets have an approximate enterprise valuation of Rs 8,500-9,000 crore
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.
The yield traded at 8.40 percent on January 18 as liquidity in the banking system remained tight.