IL&FS' offshore arms file for bankruptcy in Dubai
By IANS | Published: September 24, 2020 02:10 PM2020-09-24T14:10:50+5:302020-09-24T17:04:14+5:30
New Delhi, Sep 24 Two offshore companies of IL&FS Group, ITNL Infrastructure Developer LLC, ITNL International DMCC have filed ...
IL&FS' offshore arms file for bankruptcy in Dubai
New Delhi, Sep 24 Two offshore companies of IL&FS Group, ITNL Infrastructure Developer LLC, ITNL International DMCC have filed for bankruptcy in Dubai.
The two companies are subsidiaries of ITNL International Pte. Limited, (IIPL) Singapore, which is a step-down subsidiary of IL&FS Transportation Networks Ltd (ITNL).
The IL&FS holds 73 per cent stake in ITNL.
In a regulatory filing, ITNL said that the two "subsidiary/associate companies set up by ITNL International Pte. Limited, (IIPL) Singapore in Dubai, UAE have filed an application before the Courts in Dubai for opening of insolvency/bankruptcy procedures under the Federal Decree-Law No. 9/2016 on Bankruptcy"
ITNL Infrastructure Developer LLC, is a a limited liability company registered and incorporated with the Department of Economic Development, Emirate of Dubai, United Arab Emirates in which IIPL Singapore is a 49 per cent shareholder, and ITNL International DMCC, a limited liability company registered and incorporated with the Dubai Multi Commodities Centre,Emirate of Dubai, United Arab Emirates in which IIPL, Singapore is a 100 per cent shareholder.
( With inputs from IANS )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
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