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India Business News: New Delhi: Fraud-tainted IL&FS, IL&FS Financial and ITNL have undertaken a massive restatement of accounts, with IL&FS's loss now estimated at Rs 9,60. ....
Several top executives of the three companies and auditors associated with some of them now face criminal charges due to the irregularities. Additionally, both auditors and their firms are undergoing disciplinary procedures. Meanwhile, the new leadership has divested a substantial portion of assets to settle a significant portion of debts owed to creditors. ....
The National Company Law Appellate Tribunal (NCLAT) has dismissed all three applications by SBI against the liquidation value of IL&FS Tamil Nadu Power Company Ltd (ITPCL) provided by the debt-ridden firm s lead banker PNB. The tribunal found no error in fixing the liquidation value as of 30.09.2018, as per the RBI circular. Over 90% of lenders by value and 75% by numbers have already approved the ITPCL restructuring plan. ....
The National Company Law Appellate Tribunal (NCLAT) has directed the National Highways Authority of India (NHAI) not to terminate the concession agreement of Baleshwar Kharagpur Expressway Ltd, an IL&FS group entity, and take appropriate measures for its insolvency resolution. The tribunal noted that the resolution of BKEL, a SPV set up by IL&FS Transportation Networks Limited (ITNL), is in the final stages, and any termination at this stage would further complicate the process. ....
Beleaguered non-banking finance company IL&FS is selling commercial properties in GIFT TWO, Gujarats GIFT City, as part of its debt resolution process. The properties include offices leased to Tata Consultancy Services. IL&FS is reaching out to prospective investors to manage its debt obligations. ....