Insolvency plea against IL&FS Transportation' Spanish arm

IL&FS Transportation Networks on Friday said one of the lenders of its Spain-based subsidiary, Elsamex has filed a plea for declaration of insolvency of the company.

"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," IL&FS Transportation said in a filing to the BSE.

It said the the Judicial Order passed by the said Court on June 16, 2020 was received by Elsamex yesterday advising to appear before the Court within five days of receipt of the same for filing of response against the application filed by the Lender.


"We will update with any relevant development in this regards," the IL&FS group company said.