In a major development in the IL&FS crisis, the government has off late paid up on sovereign guarantees to the Asian Development Bank (ADB) and KfW, a state-run bank of Germany, people in the know of the developments said, confirmed by a story in Moneylife to the same effect.
Payment of around $2 million or Rs 13.84 crore has been made to ADB at the least in the last couple of months and around Rs 5 crore has been paid to KfW, sources said.
Significantly, the payment has not been disclosed at the National Company Law Appellate Tribunal (NCLAT), even thought the appellate tribunal has asked both the government and the IL&FS board to take its approval before any step regarding the cash-strapped group.
