justice D K Jain (Retired) has given his nod for the the sale of IL&FS' education business to Career Point Publications Private Limited (CPPPL). In November, the committee of creditors of IL&FS had approved the sale of the education business, which would reduce its debt by ~600 crore.
Justice (retd) DK Jain has granted approval for sale of IL&FS’s Education business - Schoolnet India Limited (erstwhile IL&FS Education & Technology Service Ltd.) - to Career Point Publications Pvt Limited (CPPPL). IL&FS Group has already received approval from Committee of Creditors (CoC) to sell its Education business to CPPPL and will now be approaching the National Company Law Tribunal (NCLT) for final approval to conclude the transaction. This transaction, on completion, would resolve nearly Rs 600 crore of IL&FS Group debt.
IL&FS Tamil Nadu Power Company is likely to see a turnaround. In October, the PLF of the Cuddalore plant touched a new peak, even as overall thermal power PLF in the country stood at an all time low.
?ITPCL CUDDALORE POWER PLANT RECORDED ALL TIME HIGH MONTHLY PLF OF 82%, GENERATED 735 MILLION UNITS AND REPORTED RS 336 CRORE IN REVENUE IN OCTOBER 2019 ?POWER PLANT CONTINUED TO RECORD HIGH MONTHLY PLF OF 80%, GENERATING 690 MILLION UNITS AND REPORTED RS 315 CRORE IN REVENUE IN NOVEMBER 2019 ?COMPARATIVELY THE PLANT HAD GENERATED 360 MILLION UNITS OF POWER IN NOVEMBER 2018, WHICH HAS BEEN DOUBLED IN NOVEMBER 2019 ?DURING 8MFY20 THE COMPANY RECORDS PLF OF 65% WITH GENERATION OF 4,567 MILLION UNITS
IL&FS has reported a Rs 22,527 crore loss in its audited financial results for FY19 as against a net profit of Rs 333 crore in the previous year. The main reason for the loss was a Rs 19,430 crore write down of loans and investments made by it
Firm has net liabilities of Rs 16,935.1 crore, ability to raise funds impaired, says auditors. External borrowings of IL&FS were Rs 94,216 crore . Total debt addressed till date is Rs 36,400 crore
The Board of Directors of IL&FS today approved the standalone audited financial results for the year ended March 31, 2019. IL&FS has reported a Net Loss of Rs 22,527 crore during the FY19, as against a Net Profit of Rs 333 crore reported in the previous year. The Board adopted prudent provisioning on loans/impairment of investments, and took a conservative view on fair market value and recovery estimates.
IL&FS Group company will get a Rs 118 crore as part of the claim awarded by the arbitration tribunal in a road development project
Bangalore Elevated Tollway Private Ltd (BETPL) has been awarded an amount of Rs 492 crore towards Claim filed by the company against National Highways Authority of India (NHAI). IL&FS Engineering and Construction Company Limited, an IL&FS group company, has 24% stake in BETPL and is entitled to approx. Rs 118 crore from the total claim awarded by the tribunal.
The NCLT on Monday issued notices to the CEOs of Axis Bank and Standard Chartered Bank asking them to personally appear in the contempt proceedings against them for violating the tribunal's order, failing which non-bailable warrants would be issued against them.