IL&FS' offshore arms file for bankruptcy in Dubai
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.
