IL&FS starts monetisation of road assets in India
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has initiated process to sell road assets of its subsidiary IL&FS Transportation Networks Ltd (ITNL) and invited expression of interest (EoI) proposals from buyers.
 
According to the company, the decision is based on the report prepared by the new Board of IL&FS, which was submitted to the ministry of corporate affairs (MCA) and in turn to the national company law tribunal (NCLT).
 
"As stated in the said reports, it is the objective of the IL&FS Board to achieve, by one or more plan(s), the resolution of the IL&FS group including ITNL through certain measures, including asset divestments," the company said in a statement.
 
"Accordingly, the IL&FS Board working with the ITNL Board have decided to publicly solicit Expressions of Interest to assess the interest for a sale of its stake(s) in the domestic roads vertical. The IL&FS Board and the ITNL Board are taking steps in this regard."
 
 
The assets put on block by IL&FS include "seven operating annuity based road projects in various parts of India aggregating approximately 1,774 lane kms; eight operating toll-based road projects in various parts of India aggregating approximately 6,572 lane kms..."
 
"... four under-construction road projects in various parts of India which would aggregate approximately 1,736 lane kms upon completion; and three other assets and businesses, which are engineering procurement construction (EPC) and operation and maintenance (O&M) businesses of IL&FS Transportation and a Sports Complex in Thiruvananthapuram."
 
As per the statement, the proposed stake sale may be carried out as a basket or individually or any combination. (for more details click here)
 
Last month, debt-laden IL&FS had revealed that it has initiated the process to sell its renewable energy business.
 
IL&FS has received over a dozen EOI towards acquiring its stake in IL&FS Securities Services Ltd (ISSL) and ISSL Settlement and Transaction Services Ltd (ISTSL).
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IL&FS Scam: NCLAT Defers Hearing to 20th December in Moratorium Matter
The National Company Law Appellate Tribunal (NCLAT) on Monday deferred to 20 December 2018 its hearing in the Infrastructure Leasing and Financial Services (IL&FS) moratorium case.
 
According to BTVI, the hearing could not take place today due to absence of NCLAT chairperson.
 
 
In November this year, several lenders of IL&FS had opposed the 90-day moratorium over loans taken by the debt-laden group and its subsidiaries. Lenders also requested the NCLAT to allow them not to classify IL&FS accounts as non-performing assets (NPAs) in case of defaults.
 
However, there was no decision and the NCLAT had fixed 17th December as the next date of hearing. 
 
During October, the NCLAT had stayed all proceedings against IL&FS group and its 348 group companies till further orders, over an urgent petition moved by the government.
 
Earlier, the ministry of corporate affairs (MCA) had approached the appellate tribunal after the Mumbai bench of NCLT turned down its plea to grant 90-day moratorium over the loans taken by IL&FS and its subsidiaries. 
 
On 1 October 2018, the NCLT had suspended the board of IL&FS on the government's plea and authorised reconstitution of the board by appointing seven directors two days later.
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IL&FS Fire Sale is on for a Fleet of 36 Luxury Cars, Furniture and White Goods
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has initiated the process to sell its fleet of 36 luxury cars and has invited bids from prospective buyers. Last date for submission for the bids is 18 December 2018 . In addition, the debt-ridden group is also selling guest-house assets including furniture and white goods from one flat in Kolkata and two flats located in Mumbai.
 
Luxury cars put on the block by IL&FS include eight Audis, six BMWs, three Honda, two jaguar, one Land rover and Lexus each, four Mercedes Benz, one Skoda Superb, six Toyotas and four Volvos. The most recently bought car in the lot is a BMW X1 registered in the name of IL&FS Rail Ltd in May 2018 and has a base price of Rs30.09 lakh.
 
Car from the lot with lowest base price is July 2004 registered Honda CRV from IL&FS Financial Services Ltd at Rs2.59 lakh. Mercedes Benz GLS 350D 4Matic bought by the same company in May 2017 carries the highest base price tag of Rs54.02 lakh.
 
Here are the details of the cars and their base prices...
 
 
IL&FS is also selling guest-house equipment including furniture and white goods from a flat in Kolkata’s New Town area. The list of furniture and white goods including LCD TV, leather sofa, dining table and chairs, treadmill, washing machine, desktop and executive chair.
 
 
IL&FS has also invited bids for selling guest house assets from two flats located in Mumbai. This includes treadmill, oven, LED tvs, dining table and chairs, air conditioners, ward robe, sofa sets, refrigerator, safe, washing machine among others.
 
 
 
 
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COMMENTS

kashyap joshipura

3 months ago

It is good story on IL&FS.It reflects the unwanted expenditure by the company .Indian citizens can also judge the reasons for the present situation of the company

Nagaraju Bommanahalli

3 months ago

In few years most of the companies will follow [email protected], because all companies doing fraud business and fraud money is pumped out of India,in few years all PSU banks become bankruptcy and India become bankruptcy.all banks gave huge loans to big companies with out proper security.our chowkidar doing drama in front of common people

Nagesh C

3 months ago

its not enough to pay even ieccl pending salaries

tanay

3 months ago

Lol it needs to sell how many cars and sofas to pay 90k crore of debt

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