Lender seeks insolvency of IL&FS Trans’ Spain arm

NEW DELHI: One of the lenders of the Elsamex SAU, Spain, a wholly owned subsidiary of IL&FS Transportation Networks, has sought the declaration of Elsamex’s insolvency.

IL&FS Transportation informed the stock markets that an application has been filed by its Spain subsidiary’s lender in the Madrid Mercantile Court, Spain towards this.

“The Judicial Order passed by the said Court on June 16, 2020 was received by Elsamex yesterday (July 2) advising to appear before the Court within 5 days of receipt of the same for filing of response against the application filed by the lender,” the filing added.

In fact, the troubled IL&FS Group had some time ago said that the board of Elsamex SA of Spain had unanimously agreed for initiation of voluntary insolvency proceedings in Spain in view of lack of liquidity.

 

 

 

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