IL&FS addresses Rs 52,000 crore debt, maintains aggregate resolution at Rs 61,000 crore

Representative Image (Reuters)

Infrastructure Leasing & Financial Services (IL&FS) through its new board and management has till date addressed debt of Rs 52,000 crore across the group, it said on November 2 while providing a periodic update on its ongoing resolution.

IL&FS also maintained its earlier estimate of resolving debt of Rs 61,000 crore, representing resolution of 62 percent of overall - fund based and non-fund based debt of over Rs 99,000 crore as of October 2018.

The aggregate debt addressed comprises Rs 14,100 crore of debt discharged, available cash balance of Rs 16,700 crore and Rs 13,200 crore from cases approved by the courts and pending transaction closure on account of documentation, it said in a statement.

The balance Rs 8,200 crore from applications filed with courts are pending approval.

Since July 2021, the group addressed additional debt of Rs 8,500 crore from monetisation initiatives including InvIT Phase 1; Terracis Technology (erstwhile IL&FS Technologies); ONGC Tripura Gas based power project; Warora Chandrapur Road project and IL&FS Prime Terminals Fujairah, the group said.

Further, IL&FS said it has also submitted an application with the NCLT, seeking approval for transfer of 5 road projects, with approximate resolution value of Rs 4,000 crore under Phase 2 of the InvIT. It has also launched the sale process of IFIN's external non-performing loan portfolio of around Rs 4,300 crore under the Swiss Challenge method.

The selection and finalisation of H1 bidder in the TIFC sale process (IL&FS Headquarters in Mumbai) is also underway, the group said.

Uday Kotak, Chairman at IL&FS said group resolutions are complex in nature given by past records and the amount resolved is significantly high.

Kotak said a total of 235 entities out of 347 have been resolved and resolution of the remaining nearly Rs 4,000 crore debt across 97 entities is expected to move beyond March 2022.