Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam.
The National Company Law Tribunal Wednesday cleared the sale of IL&FS’s seven wind energy assets to Japan’s Orix Corporation for Rs 4,800 crore, which will partially help reduce its debt burden of over Rs 99,000 crore.
Crisis-ridden IL&FS on Monday said it has received approval from Justice (retd) D.K. Jain on the proposed sale of wind energy subsidiaries, held under IL&FS Wind Energy Ltd (IWEL), to ORIX Corporation of Japan.
Corporate fraud investigation body Serious Fraud Investigation Office (SFIO) has asked the Reserve Bank of India (RBI) to undertake an internal investigation to understand why there was the delay in taking required action in the IL&FS fraud case by auditors BSR & Associates LLP and Deloitte
Of the Rs 94,000 crore of the overall debt of Infrastructure Leasing and Financial Services (IL&FS), almost Rs 61,000 crore, which has been put under the red category, is difficult to recover and might turn into non-performing assets.
The government-appointed board of the debt-ridden IL&FS has started the claims management process for 70 group companies as a part of its debt resolution process, the company said in a statement on Tuesday. Grant Thornton will oversee the execution of the process.
IL&FS has initiated a claims management process for its 70 Group entities in an effort to clarify financial liabilities and facilitate the settlement process. In a letter, a copy of which is with BusinessLine, the troubled infrastructure financing company has listed out that it has classified 5 Indian group entities in the “green” category, which means it is ready to be sold off.
Following an NCLAT order, the Reserve Bank of India (RBI) has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS.
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments.
Six month after taking charge of the troubled IL&FS, its new board, led by Uday Kotak, Kotak Mahindra Bank MD, on Wednesday said despite launching a number of resolution processes, it continues to face tough challenges since there are layers of business verticals across geographies with multiple stakeholders.