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NCLAT directs distribution of ITNL entity's lenders, to pay 75% to BKEL

The National Company Law Appellate Tribunal (NCLAT) has ordered an interim payment of 75 per cent of the total amount deposited in an escrow account to lenders of Baleshwar Kharagpur Expressway Limited (BKEL), promoted by IL&FS Transportation Networks Ltd (ITNL). Passing an order over the plea filed by the State Bank of India, NCLAT said it failed to see any reasonable grounds for not taking any decision by the Board for an interim distribution, as per the Concession Agreement and the Escrow Agreement. "Interim distribution shall be made to the lenders of 75 per cent of the amount lying in the escrow account as per the Escrow Agreement," said NCLAT in its order. The balance amount is to be used for operations, maintenance and other payments. However, it added: "Lenders shall also give an undertaking for a refund of the amount received, in the event ultimately, it is found that they were not entitled to the extent of the amount received by them." SBI had requested the NCLAT to...
22-09-2024
Bigul

STATE BANK OF INDIA - 500112 - Announcement under Regulation 30 (LODR)-Allotment

Allotment of Basel III Compliant Tier 2 Bonds
20-09-2024
Bigul

SBI appoints Joohi Smita Sinha as the new CGM for Bengaluru Circle

With over 1,700 branches and offices managing a balance sheet of more than 4,90,000 crore, Sinha brings over 29 years of varied banking experience to her new role
19-09-2024
Bigul

SBI plans to raise up to Rs 7,500 cr via second tranche of Tier-II bonds

In the current financial year, the lender has raised Rs 20,000 crore through two tranches of infrastructure bonds
13-09-2024
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