Infrastructure finance firm IL&FS said it has resolved its debt of up to ₹56,943 crore by September 30, 2022, through monetisation of various assets. This is about 93 per cent of the targeted debt that the firm has said it will resolve. IL&FS has to resolve a debt of ₹61,000 crore from an outstanding amount of ₹99,355 crore as of October 2018.
IL&FS also told NCLT in its status report that it has reduced the number of subsidiaries to 101 from 302. The company said it had a cash balance of ₹19,699 crore in September 2022.
The Centre had, in October 2018, taken control of the debt-ridden IL&FS and replaced the old board with the new board led by Uday Kotak. The group had over ₹99,000 crore of debt at the time. Kotak stepped down as chairman of the board after his term ended on April 2 this year.