IL and FS addresses aggregate debt of Rs 32K cr so far

In a statement on Friday, the group said that it maintains its estimates of addressing aggregate debt of over Rs 56,000 crore by FY22, out of an overall debt of over Rs 99,000 crore (as of October 2018).

“The Management and the New Board of IL&FS Limited, as part of its quarterly update on the progress of ongoing Group resolution process, shared that it has as of date, addressed approximately Rs 32,000 crore of aggregate debt of the group,” it said

The aggregate debt of Rs 32,000 addressed comprises around Rs 21,600 crore of debt addressed basis cash balances and around Rs 10,300 crore of additional net recovery expected from resolution and restructuring applications filed with the NCLT (Mumbai) and NCLAT, the approvals for which are awaited.

The aggregate debt of approx. Rs 32,000 crore addressed represents nearly 57 per cent of the overall targeted recovery value of approx. Rs 56,300 crore and nearly 32 per cent of the overall debt of over Rs 99,000 crore (as of October 2018).

The debt addressed basis cash balances increased by around Rs 2,500 crore since September 30, 2020, mainly on account of receipt of settlement amount by IL&FS Solar Power (ISPL) for around Rs 780 crore, receipt of the tariff payments from the discom by IL&FS Tamil Nadu Power (ITPCL) for around Rs 1,190 crore, and Rs 300 crore recoveries in IL&FS Financial Services Limited (IFIN) from borrowers outside the IL&FS Group.

The resolution and restructuring applications, having gross resolution value of over Rs 14,000 cr, that have been filed with the NCLT (Mumbai) and NCLAT, for final approvals, include, Rs 7,550 cr for 3 road assets (Chenani Nashri Tunnelway Ltd, Jorabat Shillong Expressway, and Chongqing Yuhe Expressway Company), Rs 4,900 crore for restructuring of ITPCL.