Thursday , 17 October 2019
Breaking News

SC orders status quo on NCLAT verdict in Essar Steel insolvency case

New Delhi: The Supreme Court Monday ordered status quo as of today in the Essar insolvency case.

A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7.

The bench was hearing a plea of the Committee of Creditors challenging NCLAT’s order of July 4 in which it had approved steel tycoon Lakshmi Mittal-led ArcelorMittal’s Rs 42,000 crore bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.

The National Company Law Appellate Tribunal (NCLAT), however, gave operational creditors equal status as lenders in the distribution of the ArcelorMittal’s bid amount among the creditors of Essar Steel.

Essar Steel was auctioned under the new Insolvency and Bankruptcy Code (IBC) to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.

IL&FS Transportation Networks defaults on Rs 26 crore NCD interest payment

The interest due and payable on July 21, 2019 was not paid to the debenture holders due to insufficient funds, the company said

IL&FS Transportation Networks, a group company of the troubled IL&FS group, has defaulted on payments of Rs 26.02 crore due on interest of non-convertible debentures (NCDs) because of insufficient funds.

The interest due and payable on July 21, 2019 was not paid to the debenture holders due to insufficient funds, the company said in a filing to stock exchanges.

IL&FS Transportation Networks said it had defaulted in payments of interest amount of debentures of Rs 14.62 crore and Rs 11.40 crore.

Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments over the past few months due to insufficient funds. The group’s total debt stood at over Rs 90,000 crore as of October 2018.

Check Also

Fuel demand dips to lowest in over two years in Sept: Govt

PTI New Delhi India’s fuel demand slipped to its lowest in over two years in …