The crisis in the debt-ridden Infrastructure Leasing and Financial Services (IL&FS) is set to be addressed by undertaking asset-level sale process first before putting in place a plan for a single group-level or vertical-level resolution, sources said.
Pension funds and provident fund trusts, which collectively have invested ‘thousands of crores in bonds issued by IL&FS group, have filed intervening petitions in the National Company Law Appellate Tribunal
The National Company Law Appellate Tribunal (NCLAT) on Monday allowed 22 companies of crisis-hit IL&FS group, which were classified in green category based on their financial health, to service their debt obligations.
The Central Provident Fund Commissioner (CPFC) has stepped in to protect thousands of middle-class salaried people, who run the risk of losing crores invested in IL&FS group companies through standalone trustees.
A report highlighting fraudulent and irresponsible conduct by the top executive of IL&FS has claimed they used the Employee Welfare Trust (EWT) for personal gains at the cost of the company by carrying forward amendments
Going by media reports, the National Company Law Appellate Tribunal (NCLAT) has asked the government and Infrastructure Leasing & Financial Services (IL&FS) to provide a list of group companies that have the ability to meet payment obligations over the next one year.
With an escrow agent of troubled infrastructure developer IL&FS Group citing a court order to stop servicing loans taken for a road project, lawyers and experts said investors could turn cautious on the infrastructure sector in the near term.
First, it was the IL&FS Group that ran out of money. Now that the bankrupt Indian infrastructure lender-operator has been sequestered from creditors, the country’s securitization industry is on borrowed time.
IL&FS Investment Managers has drawn interest from Edelweis , India Infoline and Altico Capital, an industry source close to the development said.
The government will soon approach the RBI seeking a special dispensation for deferment of provisioning requirements for bank loans extended to some IL&FS group firms amid ongoing efforts to monetise assets of the crisis-hit group, official sources said Tuesday.