The appellate tribunal also made it clear that the distribution of the amount to the lenders will also be subject to the final resolution of the IL&FS companies concerned.
The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms -- IL&FS, IFIN and ITNL.
IL&FS stepped into trouble after a subsidiary, IL&FS Transportation, defaulted on loan repayment in 2018.
The resolved debt amounts to 90% of the total debt that was expected to be resolved, says CS Rajan, managing director at IL&FS.
The company has also resolved debt amounting to Rs 55,000 crore as of March end, the crisis-ridden company’s management informed on March 29.
The stock of PSB closed at Rs 15.95 apiece on BSE, up 1.92 percent from the previous close.
GAIL will now hold 26% stake in OTPC, while other shareholders include ONGC at 50%, Indian Infrastructure Fund II at 23.5% and the Government of Tripura at 0.5%.
The tunnel, which cuts the travel time between Jammu and Srinagar by 31 kms, was put on the block in December 2018 after the parent IL&FS went belly up two months before.
The non-bank lender said it has approximately discharged Rs 14,100 crore of debt and has available cash balance of Rs 16,700 crore.
Roadstar Infra Investment Trust, will get six road projects under Phase I and the SPV for this will be transferred to the InvIT at an aggregate valuation of Rs 9,214 crore
The central bank's latest move, after extensive stakeholder consultations, also comes against the backdrop of previous instances, including the collapse of IL&FS in 2018 and later DHFL, that had a spillover impact on the entire financial system, especially in terms of liquidity woes.
The NFRA had found serious lapses in the statutory audit of IL&FS ITNL for the 2017-18 fiscal, including that the company's losses were understated by at least Rs 2,021 crore.
Uday Kotak was appointed by the government as the head of the lender's board in 2018 to help the troubled company come out of difficulties, after the state took over the board.
Shareholders of Zee have called in for a special meeting seeking removal of MD Punit Goenka along with two other directors from the board. This isn’t the first time when shareholders of a certain company have shown exit door to the promoters. Watch the video to find out about such companies.
In a presentation released on Wednesday, the group said a significant portion or Rs 50,000 crore of estimated recovery will be addressed by September 2021.
The High Court ruled in September 2019 that O&M (operations and maintenance) of the Metro Link be handed over to HSVP and directed CAG to carry out financial audit of total debt due, the company said.
The IL&FS group which consists of more than 350 group companies was used as a "vehicle to perpetrate fraud" by the then management headed by Ravi Parthasarathy, the Economic Offences Wing said.
Further, recovery of around Rs 10,000 crore is likely to spill over beyond September 2021 on account of various reasons, including procedural complexities, IL&FS said,
The Group has addressed aggregate debt of Rs 43,000 crore till date, according to the Board through sale of assets.
IL&FS, which owed over 65,000 crore to the system, held 97.54 percent of equity in IEISL
The group further said there is a pending settlement of Rs 902 crore for the Khed Sinnar Expressway project and Rs 171 crore for Amravati Chikli Expressway from NHAI.
The transaction will help the group address Rs 2,600 crore of its overall debt of close to Rs 99,000 crore (as of October 2018).
The lender said IL&FS Transportation had availed credit from it during 2016 under multiple banking arrangements in which Karnataka Bank was one of the members.
The group mentioned that it has addressed Rs 32,000 crore of the group's overall debt so far and retained its target of addressing a debt of over Rs 56,000 crore by 2021-22, of an overall debt of over Rs 99,000 crore (as of October 2018).