British Airways, Postal Life Insurance and Philips India have demanded to be part of the resolution process as financial creditors IL & FS.
British Airways, Postal Life Insurance and Philips India and other companies are also among the 100 institutions that have sought to become part of the resolution process in the form of financial creditors of Infrastructure NSE 1.03% Leasing and Financial Services. Companies said that their provident fund has invested in bankrupt IL & FS and said that they are standing to face serious injury, which would be detrimental to public interest if processed out.
"About 100 intervention petitions have been filed in the National Company Law Appellate Tribunal to allow them in the IL & FS case," said one person in this matter, "This is Philips India, SAS Employees Provident Fund Trust, British Airways Cabin Crew pension funds, plc staff funds and superannuation funds. PF investments are unsafe and these investors want to be part of the resolution process as financial creditors for defense. These companies have the interest of their company and employees.
Companies' provident fund estimates that INR 15,000-20,000 crore has been invested in IL & FS group institutions. The government acquired the IL & FS Board on October 1 and after the company appointed new members with a loan of 91,000 crore, which was defaulting on the loan payment. Since then, IL & FS has kept the property of its group on sale including energy and road projects, monetizing investments and repaying its creditors.
Maharashtra's City and Industrial Development Corporation, Ambuja Cements, Indian Oil Corp, Titan, Power GridNSE-0.72% and Indian Postal Life Insurance are among those who want to be a part of the resolution process as financial creditors. The petitions were filed in the last two months.
Postal Life Insurance said in its petition that it subscribed to IL & FS and its group's non-convertible debentures. Postal Life said, "If the interventionist is not allowed to interfere or interfere in the current proceedings, then the applicant will receive irreparable damage and serious injury, which is harmful for public interest."
Philips Employee PF Trust has invested in bonds issued by IL & FS and its group entities.
For more information Top 10 Stock Advisory Company Indore
British Airways, Postal Life Insurance and Philips India and other companies are also among the 100 institutions that have sought to become part of the resolution process in the form of financial creditors of Infrastructure NSE 1.03% Leasing and Financial Services. Companies said that their provident fund has invested in bankrupt IL & FS and said that they are standing to face serious injury, which would be detrimental to public interest if processed out.
"About 100 intervention petitions have been filed in the National Company Law Appellate Tribunal to allow them in the IL & FS case," said one person in this matter, "This is Philips India, SAS Employees Provident Fund Trust, British Airways Cabin Crew pension funds, plc staff funds and superannuation funds. PF investments are unsafe and these investors want to be part of the resolution process as financial creditors for defense. These companies have the interest of their company and employees.
Companies' provident fund estimates that INR 15,000-20,000 crore has been invested in IL & FS group institutions. The government acquired the IL & FS Board on October 1 and after the company appointed new members with a loan of 91,000 crore, which was defaulting on the loan payment. Since then, IL & FS has kept the property of its group on sale including energy and road projects, monetizing investments and repaying its creditors.
Maharashtra's City and Industrial Development Corporation, Ambuja Cements, Indian Oil Corp, Titan, Power GridNSE-0.72% and Indian Postal Life Insurance are among those who want to be a part of the resolution process as financial creditors. The petitions were filed in the last two months.
Postal Life Insurance said in its petition that it subscribed to IL & FS and its group's non-convertible debentures. Postal Life said, "If the interventionist is not allowed to interfere or interfere in the current proceedings, then the applicant will receive irreparable damage and serious injury, which is harmful for public interest."
Philips Employee PF Trust has invested in bonds issued by IL & FS and its group entities.
For more information Top 10 Stock Advisory Company Indore
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