IL & FS gets more than a dozen responses for the sale of two weapons

Infrastructure Leasing & Financial Services Group (IL & FS) received more than a dozen expressions of interest for the two security services companies it had put on sale earlier this month.

"The deadline for receipt of this information was November 23, 2018. Interest was received from a group of banks, private equity firms and other financial services companies", reads in the statement issued by the group hit by the crisis.

On November 12, the group launched EOI. Monetize IL & FS Securities Services Ltd. and ISSL Settlement & Transaction Services Ltd. These two companies are the first of the lot to go under the hammer.

The Commission is currently examining the eligibility of the received EOIs. Secondly, eligible interested bidders will be invited to examine the information on the activities that will be shared with them in order to enable them to submit commercial offers.

The company will have to obtain the agreement of the National Company Law Tribunal to be able to enter the process. any binding transaction for the sale of badets, as well as the resulting resolution plan prior to the conclusion of the transactions.

The total debt of the group amounts to about 95,000 crores of rupees.

The group IL & FS will soon launch the badet. monetization process for the sale of many other badets as part of its ongoing resolution process. According to the plans, 10 subsidiaries of IL & FS will be put on sale in order to get the company out of the financial mess.

The next hearing is scheduled for December 3 at NCLT headquarters in Mumbai.

The IL & FS board, headed by Banker Uday Kotak, made contact with the NCLT and also submitted a report to the Ministry of General Affairs and the NCLT on the progress made and the way forward. The report indicates that some badets would be sold.

At the same time, the group continues to default on its principal payments as well as the interest on various instruments such as commercial paper, deposits, debts and non-convertible debentures.

PIECE PER PIECE

• The deadline for receipt of declarations of interest for IL & FS Securities Services Ltd. and ISSL Settlement & Transaction Services Ltd. was 23 November 2018
• The Council is currently examining the eligibility of MIs . Successful bidders will be able to review the company information before submitting their commercial offers