IL&FS borrowed heavily against long-gestation infrastructure, defaulted in 2018 and was taken over by a government-appointed board on 1 October 2018. By 30 Jun…
Set up to raise long-term money for roads, energy, water and urban projects.
Around Rs 57,000 crore was owed to public-sector lenders, across 302 group entities.
Why long assets and short funding collide.
IL&FS Transportation Networks delayed about Rs 450 crore owed to SIDBI.
The chairman of about 30 years resigned, citing health.
Downgrades followed across almost all the group's debt instruments.
A mutual fund's sale of DHFL paper set off panic over short-term funding of long loans.
June to October 2018.
Public lenders, banks and funds.
A new board led by Uday Kotak was approved under sections 241 and 242.
All proceedings against IL&FS and its subsidiaries were stayed.
The first report went to the ministry; it reached the NCLT on 3 December.
Accounts of IL&FS, IFIN and ITNL for five years could be recast.
Twenty-two group companies were allowed to service their debt.
The tribunal accepted a pro-rata distribution framework for creditors.
ICRA, CARE and India Ratings had been fined Rs 25 lakh each in 2019.
Allegation, finding and verdict differ.
About Rs 16,361 crore in cash and InvIT units, pro rata.
Circuitous transactions could be unwound where all sides agreed.
IL&FS could not unwind loans it had treated as valid since 2019.
The NCLT order was set aside; disputed money stays in escrow.
About 83% of the Rs 61,000-crore target; 205 of 302 entities resolved.
Six figures, six meanings.
Three routes.
Against the Rs 61,000-crore target.
Rs 7,259 crore, mostly not yet free.
Green, Amber, Red and the InvIT.
The NCLAT's revival of IL&FS's plea is paused.
The Rs 1,080-crore case.
A retired IAS officer was designated for two years.
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