Tuesday, March 21, 2023
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Secured lenders reject IL&FS’ Jammu tunnel debt recast plan

by Euro Times
February 26, 2022
in Finance
Reading Time: 2 mins read
A A
0
Home Finance
Share on FacebookShare on Twitter


Secured lenders led by State Financial institution of India rejected a debt recast plan submitted by IL&FS for a challenge it undertook in Jammu & Kashmir to construct India’s longest tunnel, mentioned three individuals conscious concerning the improvement. Secured lenders declare that the distribution of money as proposed underneath the plan was unfair and that it was skewed in favour of unsecured collectors and lenders throughout the IL&FS Group, they mentioned.

Final December, IL&FS proposed a debt recast for Chenani Nashri Tunnelway Ltd (CTNL), after a ?3,900 crore deal to promote the particular objective car to I Squared Capital’s Dice Highways didn’t fructify, the individuals mentioned. IL&FS wished Dice to enhance the supply after signing the settlement, they mentioned.

IL&FS has proposed that the CNTL debt be transferred to an infrastructure funding belief at Rs 5,257 crore – the revised worth as per an RBSA valuation report. Secured lenders have sought the next share of proceeds on grounds that CNTL’s enterprise worth improved between mid-October 2018 – when the moratorium was imposed – and March 2021, primarily due to a Rs1,500 crore money steadiness within the SPV that was the cost resulting from them, however was not distributed resulting from a moratorium imposed when IL&FS collapsed.

IL&FS didn’t reply to a request for remark until press time Friday.

In a sequence of conferences, secured lenders communicated to IL&FS that the money steadiness of Rs1,500 crore ought to be distributed amongst them according to waterfall mechanism authorised by the appellate tribunal for the debt decision of IL&FS-related firms. Nevertheless, IL&FS has proposed to distribute Rs1,500 crore with all courses of lenders – secured, unsecured and IL&FS group lenders, one of many individuals mentioned.

The IL&FS group will profit if the money is distributed to all courses of lenders since their share in CNTL’s debt is 24%, the particular person mentioned.

The corporate has excellent debt of Rs 5,454 crore from 28 lenders. Of this, the share of secured collectors is Rs 2,806 crore. It owes Rs1,353 crore to unsecured collectors, whereas borrowing from IL&FS group firms is Rs1,295 crore.

IL&FS has proposed October 15, 2018 because the deadline for admitting declare quantities and implementing the restructuring efficient March 31, 2022. It has additionally recommended that every one lenders obtain curiosity of seven.5% from April 2021 and the mortgage shall be repaid over 10 years ending March 2031. Objecting to this, secured lenders say that the curiosity element on the mortgage ought to be from the date of admitting claims. This IL&FS plan basically implies secured lenders sacrificing the curiosity element from mid-October 2019 to March 31, 2021, even when the corporate has ample money steadiness, the second particular person mentioned.

Chenani-Nashri Tunnelway, now renamed Dr Syama Prasad Mookerjee Tunnel, is India’s longest at 9.28 km and is situated on Nationwide Freeway 44. It reduces the journey distance between Jammu and Kashmir by 30 km.



Source link

Tags: DebtILFSJammulendersPlanrecastrejectSecuredtunnel
Previous Post

Discord announces its first big policy update in nearly two years, tackling health misinformation, off-platform behavior, and hate speech, effective on March 28 (Tom Warren/The Verge)

Next Post

The S.E.C. Wants to Increase the Public’s View Into Big Short-Selling Activity

Related Posts

TECH TUESDAY: Data, Analytics Boost Financial Advisors’ Efficiency

by Traders Magazine
March 21, 2023
0

In the increasingly competitive and rapidly evolving business of financial advisory, a competitive advantage goes to advisors who have more...

This is how global banking crisis can impact India in different ways

by Euro Times
March 21, 2023
0

Though the US government support for Silicon Valley Bank (SVB) and Signature Bank, and the UBS buying Credit Suisse have...

Putin meets ‘dear friend’ Xi in Kremlin as Ukraine war grinds on By Reuters

by Reuters
March 21, 2023
0

© Reuters. FILE PHOTO: Chinese President Xi Jinping and Russian President Vladimir Putin attend a ceremony dedicated to the 70th...

‘Living pension’ standard launched to help workers boost retirement pots

by Vicky Shaw
March 21, 2023
0

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emailsSign up...

Biggest Fear for Trillion-Dollar Managers Is Missing Next Rally

by Euro Times
March 21, 2023
0

(Bloomberg) -- Some of the world’s biggest investors are looking beyond interest-rate hikes, bank failures and the threat of recession...

Putin flaunts alliance with Xi as ‘dear friends’ meet in Kremlin By Reuters

by Index Investing News
March 20, 2023
0

© Reuters. FILE PHOTO: Chinese President Xi Jinping and Russian President Vladimir Putin attend a ceremony dedicated to the 70th...

Next Post

The S.E.C. Wants to Increase the Public’s View Into Big Short-Selling Activity

Russia-Ukraine war will test YouTube, Facebook, Twitter

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CryptoUK calls on regulators to address de-banking of digital asset firms By Cointelegraph

March 21, 2023

Mobileye reports judicial overhaul as risk factor

March 21, 2023

Bitcoin Is Your #1 Hedge Against the Federal Reserve

March 21, 2023

What is xylazine? DEA warns of veterinary tranquilizer linked to overdose deaths : NPR

March 21, 2023

Japanese PM’s Ukraine Visit: Putting On a Good Face for the West and Avoiding Damage?

March 21, 2023

Why Tech Stocks Are Rallying Hard

March 21, 2023
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

CryptoUK calls on regulators to address de-banking of digital asset firms By Cointelegraph

Mobileye reports judicial overhaul as risk factor

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In