Being steered by a government-appointed and eminent banker Uday Kotak-led board on its path to recovery, crisis-hit IL&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&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.
When contacted, an IL&FS spokesperson told PTI, “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.”
