[ By Bobby Anthony ]The Ministry of Corporate Affairs (MCA) has requested the National Company Law Appellate Tribunal (NCLAT) to give it an additional 270 days in order to complete the resolution of 105 companies of the scam-hit Infrastructure Leasing & Financial Services (IL&FS) group.An MCA affidavit also requested the NCLAT to release 55 other entities from moratorium, so that they...
The Ministry of Corporate Affairs (MCA) has requested the National Company Law Appellate Tribunal (NCLAT) to give it an additional 270 days in order to complete the resolution of 105 companies of the scam-hit Infrastructure Leasing & Financial Services (IL&FS) group.
An MCA affidavit also requested the NCLAT to release 55 other entities from moratorium, so that they could discharge their debt obligations.
It may be recalled that on October 15, IL&FS had sold its stake in seven companies Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy Ltd to Japanese ORIX Corp.
In its order on October 15, 2018, the NCLAT had stayed all proceedings against IL&FS group companies. The IL&FS group has a total debt of Rs 94,215 crore.
As per the February 7 affidavit of the MCA, the total debt of IL&FS includes Rs 10,173 crore or about 10.8% from public creditors like pension funds, provident funds, employee welfare funds, gratuity funds and army group insurance funds. The share of commercial bank in IL&FS debt is about 47% or Rs 44,075 crore.
Additionally, total debt of four key companies of IL&FS group is nearly 51% or Rs 48,000 crore. The key companies are IL&FS, IL&FS Financial Services, IL&FS Transportation Networks Ltd (ITNL) and IL&FS Energy Development Co Ltd (IEDCL).
According to the MCA affidavit, these four key companies gave loans of Rs 26,154 crore to other group companies from the IL&FS group. Other group companies gave a loan of Rs 32,836 crore to IL&FS itself.