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Insolvency plea filed against IL&FS transportation’s Spanish arm ‘Elsamex SAU’

Mumbai based IL&FS Transportation on 3rd July said, “One of the lenders of its Spain-based subsidiary Elsamex SAU, has filed for insolvency.”

In a filing with the exchange the company said, “The Management of Elsamex SAU, Spain, a wholly-owned subsidiary of the Company has informed that an application has been filed by one of their lenders in the Madrid Mercantile Court, Spain for declaration of its insolvency.”

“The Judicial order passed by the said Court on June 16, 2020, was received by Elsamex yesterday advising to appear before the Court with 5 days of receipt of the same for filing of response against the application filed by the lender,” the filing said.

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