Financially troubled infrastructure conglomerate IL&FS is now turning to defaulters for recovering its dues. In a first, the financing arm of the company -- IL&FS Financial Services -- has issued a public notice to Delhi-based real estate construction company Collage Group to recover Rs 1 billion of unpaid dues.
IL&FS has issued a notice to take possession of 793 square yards of property belonging to Collage Group in Anand Lok, Delhi. This includes the under-construction plots, all movable/immovable fixtures and fittings -- present and future -- as part of the possession.
The notice issued on September 25 said, "Having failed to repay the amount, notice is hereby given to the borrower/mortgagor/personal guarantor/corporate guarantor and the public in general that the undersigned has taken the possession of the property on the 22nd day of September."
The Collage Group is an affiliate firm of Som Datt Builders Ltd (SBD), a company specialising in turnkey infrastructure projects. The website of the company says, "Collage Group, founded in 1990, is a research and knowledge-driven real estate firm with a pan-India footprint and is developing state-of-the-art real estate infrastructure, both retail and residential, across the country."
The website further mentions that the Collage Group is promoted by Sumit Khaneja and Amit Khaneja "under the guidance of Dr Inder Mohan Khaneja, Vice Chairman of Som Datt Builders".
The notice by IL&FS mentions Inder Mohan Khaneja as the mortgagor/personal guarantor for Collage Group's property.
The latest report by Nomura India said that the IL&FS group has a consolidated debt of Rs 910 billion, with IL&FS Financial Services having debt exposure of Rs 170 billion.