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Global banking giant HSBC has filed a winding up petition in a Singapore court against an overseas subsidiary of IL&amp;FS Transport Services Ltd (ITNL) for recovery of dues totalling more than Rs 1,000 crore. In the first such case against a group entity of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&amp;FS) Group, the Hongkong and <keyword id="848515" type="COMPANY" weightage="20" keywordseo="Shanghai-Banking-Corporation">Shanghai Banking Corporation</keyword> (HSBC) is seeking to recover its funds parked in bonds worth RMB 1,000 million (over Rs 1,050 crore) maturing in 2021, which were issued by <keyword id="8871445" type="COMPANY" weightage="20" keywordseo="itnl-offshore">ITNL Offshore</keyword> Pte Ltd. As per a notice published in Singapore's government gazette on March 3, HSBC filed its <keyword id="6355821" type="UNKNOWN" weightage="20" keywordseo="application">application</keyword> for winding up of ITNL Offshore Pte Ltd in Singapore High Court on February 27. The application has been listed for hearing on March 20 and "any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose", the notice said. When contacted, an IL&amp;FS spokesperson told , "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of over Rs 90,000 crore at IL&amp;FS, the government in October 2018 seized control of the debt-trapped company and superseded its board by appointing a new one, led by eminent banker <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword> as its chairman. ITNL alone is said to account for outstanding debt totalling nearly Rs 40,000 crore, while the company and many other subsidiaries of IL&amp;FS have defaulted on several debt instruments due to insufficient funds. The new board, as part of the overall resolution process for the IL&amp;FS Group, has sold a number of assets to clear dues and debt. ITNL and several other IL&amp;FS entities are also facing multiple probes for alleged wrongdoings by the erstwhile management, while role of auditors and credit rating agencies have also come under the scanner. On Wednesday, the National Company Law Appellate Tribunal dismissed pleas of auditors of debt-ridden IL&amp;FS -- Deloitte Haskins &amp; Sells and <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> arm BSR &amp; Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at group firm IFIN. The central government had submitted that the act of fraud perpetuated is on account of "mis-representation and falsehoods about the financial state of affairs" of IFIN, which jeopardised its financial health and also caused serious damage and financial loss to various stakeholders. BJ MKJ

HSBC moves to liquidate IL&FS company in Singapore court

New Delhi, Mar 8 () Being steered by a government-appointed and eminent banker Uday Kotak-led board on its path to recovery, crisis-hit IL&amp;FS has sought extension of bid validity for five road projects that are faced with debts totalling over Rs 10,000 crore. Infrastructure Leasing and Financial Services (IL&amp;FS) had received time-bound binding bids for these five road projects, but the validity of those bids expired on February 29. These five projects are Chenani Nashri Tunnel project (CNTL), Pune Sholapur Road Development (PSRDCL), Jorbat Shillong Expressway Limited (JSEL), Hazaribagh Ranchi Expressway (HREL) and Jharkhand Infrastructure Implementation Company (JIICL). The five projects have received bids totalling Rs 7,489 crore, as against an aggregate debt of Rs 10,500 crore, as per an affidavit filed by the company before the National Company Law Appellate Tribunal (NCLAT). When contacted, an IL&amp;FS spokesperson told , "We are working with the bidders to get an extension of the bids and will follow the laid-out process for concluding the transaction on receipt of the extension." Out of the five projects, the company recently got approval from lenders for three projects -- PSRDCL, JSEL and CNTL -- for bids totalling approximately Rs 6,250 crore. However, an expired validity may pose challenges in sale of these assets in the absence of an extension, even if lenders have approved the bids. After a huge crisis came to light due to outstanding debt of over Rs 90,000 crore at IL&amp;FS, the government in October 2018 had seized control of the debt-trapped company and superseded its board by appointing a new one, led by Kotak as its chairman. The new board, as part of the overall resolution process for the IL&amp;FS Group, has sold a number of assets to clear dues and debt, while the process is underway for resolution of several other debt-laden projects. Out of the five road projects, Cube Highways has emerged as the highest bidder with Rs 3,900 crore bid for CNTL having debt of approximately Rs 5,454 crore, while Autostade of Italy is the top bidder for PSRDCL project with bid of Rs 1,404 crore as against total debt of Rs 1,925 crore. Sekura Roads has made the highest bid for JSEL project at Rs 916 crore, as against total debt of Rs 1,406 crore. According to the company's NCLAT affidavit, the binding bids received for these five road special purpose vehicles of IL&amp;FS Transport Services Ltd (ITNL), an IL&amp;FS subsidiary. have already been extended once. Post the earlier extension, the binding bids received for each of the ITNL SPVs were valid till February 29, 2020 and letters of intent were required to be issued to the respective highest bidders on or before that date. However, the company was unable to complete its process of seeking lenders' approval in time which has resulted in the bid validity expiring. While three projects now have lenders' approvals but lapsed bids, two projects --HREL and JIICL -- are also yet to get lenders' approval, which will be followed by approval from Justice D K Jain and the National Company Law Tribunal (NCLT) before letters of intent can be issued. Sekura Roads is the highest bidder for both these projects with bids valued at Rs 727 crore and Rs 512 crore for JIICL and HREL, respectively. In the meantime, global banking giant HSBC has filed a winding up petition in a Singapore court against an overseas subsidiary of ITNL for recovery of dues totalling more than Rs 1,000 crore. In the first such case against a group entity of IL&amp;FS, the Hongkong and Shanghai Banking Corporation (HSBC) is seeking to recover its funds parked in bonds worth RMB 1,000 million (over Rs 1,050 crore) maturing in 2021, which were issued by ITNL Offshore Pte Ltd. The plea, filed on February 27, has been listed for hearing on March 20 and "any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose", as per a notice published in Singapore's government gazette on March 3. BJ MKJ

IL&FS seeks extension of bid validity for 5 road projects facing Rs 10,500-cr debt

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HSBC moves to liquidate IL&FS company in Singapore court

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IL&FS seeks extension of bid validity for 5 road projects facing Rs 10,500-cr debt

PTI

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