Ilfs Default

About 50 per centof the debt is expected to be resolved by March 2021, IL&FS' board has said

The government took control of IL&FS late last year after it defaulted on some of its debt, triggering wider concerns about risk in the rest of the country's financial system.

IL&FS had already received approval earlier last month for the sale of its wind energy business from Justice (Retired) DK Jain, appointed by the National Company Law Appellate Tribunal (NCLAT) to supervise the operation of the debt resolution process of the IL&FS group companies.

This extreme action is being warranted after Deloitte's alleged misdemeanours and conduct in the IL&FS case.

In its previous, the NCLAT bench said that IL&FS should distribute funds to small creditors, in a manner that 80% of their entitled amounts are paid

The Grant Thornton report said auditors noticed 10 regulatory or risk assessment issues by IL&FS in lending Rs 13,290 crore.

ITNL, which is 73 per cent owned by IL&FS, has more than 40 percent of the total assets of IL&FS.

The infrastructure finance company, whose board was superseded by the government early last month after it defaulted on payment dues triggering liquidity concerns, had invited EoIs for two of its units last week in its attempt to turn around IL&FS.

Last month, the government took control of IL&FS to protect the financial system and markets from potential collapse, and replaced its board.

After its first meeting last week, the newly constituted IL&FS board, said that it would consider all available options to revive the firm.

The five firms constitute for more than 50 per cent of the entire group's revenue and may have diverted funds in projects that were worth Rs 30,000 crore.

About 50 per centof the debt is expected to be resolved by March 2021, IL&FS' board has said

The government took control of IL&FS late last year after it defaulted on some of its debt, triggering wider concerns about risk in the rest of the country's financial system.

IL&FS had already received approval earlier last month for the sale of its wind energy business from Justice (Retired) DK Jain, appointed by the National Company Law Appellate Tribunal (NCLAT) to supervise the operation of the debt resolution process of the IL&FS group companies.

This extreme action is being warranted after Deloitte's alleged misdemeanours and conduct in the IL&FS case.

In its previous, the NCLAT bench said that IL&FS should distribute funds to small creditors, in a manner that 80% of their entitled amounts are paid

The Grant Thornton report said auditors noticed 10 regulatory or risk assessment issues by IL&FS in lending Rs 13,290 crore.

ITNL, which is 73 per cent owned by IL&FS, has more than 40 percent of the total assets of IL&FS.

The infrastructure finance company, whose board was superseded by the government early last month after it defaulted on payment dues triggering liquidity concerns, had invited EoIs for two of its units last week in its attempt to turn around IL&FS.

Last month, the government took control of IL&FS to protect the financial system and markets from potential collapse, and replaced its board.

After its first meeting last week, the newly constituted IL&FS board, said that it would consider all available options to revive the firm.

The five firms constitute for more than 50 per cent of the entire group's revenue and may have diverted funds in projects that were worth Rs 30,000 crore.