The Reserve Bank on Tuesday moved the NCLAT seeking modification of its order that restrained banks from declaring accounts of IL&FS and its group companies as NPAs even as the tribunal asked the banking regulator not to make it a “prestige issue”.
Cash-strapped IL&FS Group will receive first set of bids under asset monetization process on Monday as part of resolution process, according to sources.
Gail (India) Ltd has terminated pipe laying contracts to financially-troubled IL&FS and awarded these to new contractors to speed up construction of the Prime Minister’s pet pipeline project that would take natural gas to much of eastern India via his constituency Varanasi.
Beleaguered infrastructure lender IL&FS has put its Tamil Nadu power assets on the block. A power plant in Tamil Nadu, a port and a coal mine in Indonesia — together estimated at around Rs 10,000 crore, are on sale.
Though it is early days, some luck, and timely action by the government in asking PSU financial institutions to provide credit to NBFCs, ensured that the IL&FS collapse didn’t spiral out of control into a Lehman-style contagion.
Infosys, State Bank of India and GIC Re feature in the list of companies whose employees face potential hits to their retirement savings, with pension funds at these entities investing in various debt papers of the troubled infrastructure financier IL&FS.
State-owned National Highways & Infrastructure Development Corporation Limited (NHIDCL) has terminated the contract awarded to troubled IL&FS group for building the strategic Zojila tunnel to provide all-weather connectivity
Third Time’s A Charm? After IL&FS Surrenders Contract, Government To Again Issue Tender For Zojila Tunnel
After the financially-stressed Infrastructure Leasing & Financial Services (IL&FS) took leave of the contract to build the crucial Zojila tunnel project in Jammu and Kashmir, the Union government is working to reissue the tender, reports Business Standard.
Former directors of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS) have approached the National Company Law Tribunal (NCLT) to seek clarity over allowing them to operate their bank accounts.
Global Infra Partners, KKR, Brookfield, I Squared Capital and Macquarie are among the 15 large funds in the race for buying over 1,000-megawatt renewable energy assets of Infrastructure Leasing & Financial Services Ltd (IL&FS).