Global banking giant HSBC has filed a winding up petition in a Singapore court against an overseas subsidiary of IL&FS Transport Services Ltd (ITNL) for recovery of dues totalling more than Rs 1,000 crore.
HSBC ILFS Case - HSBC Files Rs 1000 Crore Recovery Case Against IL&FS In Singapore Court
In the first such case against a group entity of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&FS) Group, the Hongkong and Shanghai Banking Corporation (HSBC) is seeking to recover its funds parked in bonds worth RMB 1,000 million (over Rs 1,050 crore) maturing in 2021, which were issued by ITNL Offshore Pte Ltd.
As per a notice published in Singapore's government gazette on March 3, HSBC filed its application for winding up of ITNL Offshore Pte Ltd in Singapore High Court on February 27.
The application has been listed for hearing on March 20 and "any creditor or contributory of t...
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