Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Hong Kong and Shanghai Banking Corporation (HSBC) has filed a winding up petition in a Singapore court against an overseas subsidiary of IL&FS Transport Services Ltd (ITNL) for recovery of dues totalling more than ₹1,000 crore.
In the first such case against a group entity of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&FS) Group, HSBC is seeking to recover its funds parked in bonds worth RMB 1,000 million (more than ₹1,050 crore) maturing in 2021, which were issued by ITNL Offshore Pte Ltd.
According to a notice published in Singapore’s government gazette on Tuesday, HSBC filed an application on February 27 at the Singapore High Court for the winding up of ITNL Offshore Pte Ltd. The application has been listed for hearing on March 20.
When contacted, an IL&FS spokesperson said: “The company is engaging with bondholders and aims to arrive at an amicable solution to resolve their debt.”
After a huge crisis came to light due to outstanding debt of more than ₹90,000 crore at IL&FS, the government, in October 2018, seized control of the debt-trapped company, and superseded its board by appointing a new one led by Uday Kotak as chairman.
ITNL alone is said to account for outstanding debt totalling nearly ₹40,000 crore, while the company and many other subsidiaries of IL&FS have defaulted on several debt instruments due to insufficient funds.
The new board, as part of the overall resolution process for the IL&FS Group, has sold a number of assets to clear dues and debt.
ITNL and several other IL&FS entities are also facing multiple probes for alleged wrongdoings by the erstwhile management, while the role of auditors and credit rating agencies have also come under the scanner.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
This Women’s Day, we discuss the features of a few financial products that aim to help you save, get insured ...
Sensex, Nifty 50 make a strong bounce-back, but test resistances
The exchange-traded fund ticks all boxes as an efficient tool to track gold prices
Silver is trading above a trend-defining support level of ₹65,000
They are the health warriors who battled the Covid-19 pandemic on the ground, and are now the face of the ...
Uzbekistan’s grandest city dazzles tourists with its history, architecture and food
It’s the birth anniversary of Michelangelo di Lodovico Buonarroti Simoni, one of the great artists and ...
Reading in the loo — flipping through anything, really — appears to help the locomotion
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor