IL&FS tackles recovery of ₹32,000-crore debt

Our Bureau Updated - January 22, 2021 at 03:31 PM.

Company’s new board maintains aggregate debt to be addressed at ₹56,000 crore by FY'22

The IL&FS Group maintains its estimates of addressing out of an overall debt of over ₹99,000 crore (as of October 2018).

The new board of IL&FS has addressed stressed debt worth ₹32,000 crore as of December quarter and retained the aggregate recoverable debt at over ₹56,000 crore by FY22,

The Group maintains its estimates of addressing out of an overall debt of over ₹99,000 crore (as of October 2018).

The aggregate debt of ₹32,000 crore comprises about ₹21,600 crore of debt addressed basis cash balances and ₹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.

Also read: IL&FS money-laundering case: Enforcement Directorate attaches assets worth ₹452 crore of British national

The aggregate debt represents nearly 57 per cent of the overall targeted recovery value of about ₹56,300 crore and nearly 32 per cent of the overall debt of over ₹ 99,000 crore.

The debt addressed basis cash balances increased by about ₹2,500 crore since September 30, 2020 on receipt of ₹780 crore towards settlement by IL&FS Solar Power, tariff payments from the Discom by IL&FS Tamil Nadu Power of about ₹1,190 crore and ₹300 crore recovered in IL&FS Financial Services from borrowers outside the IL&FS group.

Also read: PFS clears resolution plan of IL&FS Tamil Nadu Power Co

The Resolution and Restructuring applications (for resolution of over ₹14,000 crore) that have been filed with NCLT and NCLAT for final approvals, including ₹7,550 crore for three road assets, ₹4,900 crore for restructuring of ITPCL, ₹1,370 crore towards settlement to be received by Kiratpur Ner Chowk Expressway and Fagne Songarh Expressway pursuant to termination of concession agreements and ₹ 200 crore for environment and real estate entities.

However, the Group faced some delays in moving ahead on the resolution mainly due to impact of Covid. This has also been compounded by delay in receipt of annuities and attrition of key managerial and operational personnel, it said.

Published on January 22, 2021 07:17