IL&FS addressed debt of ₹2,500 crore in Q3

The IL&FS (Infrastructure Leasing and Financial Services Ltd.) headquarters in Mumbai.   | Photo Credit: REUTERS

IL&FS Ltd. on Friday said it had addressed debt of about ₹2,500 crore in the last quarter ended December 31.

These include receipt of settlement amount by IL&FS Solar Power (ISPL) for approximately ₹780 crore; receipt of the tariff payments from the State distribution company by IL&FS Tamil Nadu Power (ITPCL) for approximately ₹1,190 crore; and ₹300 crore recoveries in IL&FS Financial Services Ltd. (IFIN) from borrowers outside the IL&FS group.

As part of its quarterly update on the progress of the ongoing resolution process, IL&FS said it had, as of date, addressed approximately ₹32,000 crore of aggregate debt of the Group.

It said the Resolution and Restructuring applications (having gross resolution value of more than ₹14,000 crore) that have been filed with NCLT (Mumbai) and NCLAT for final approvals include: ₹7,550 crore for three road assets (Chenani Nashri Tunnelway Ltd., Jorabat Shillong Expressway Ltd, and Chongqing Yuhe Expressway Company Ltd.); ₹4,900 crore for restructuring of ITPCL; ₹1,370 crore towards settlement amounts to be received by Kiratpur Ner Chowk Expressway Ltd. and Fagne Songarh Expressway Ltd. pursuant to termination of the relevant concession agreements; and ₹200 crore for environment and real estate entities.

“The Group maintains its estimates of addressing aggregate debt of over ₹56,000 crore by FY22, out of an overall debt of over ₹99,000 crore (as of October 2018),” IL&FS said in a statement.

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

“The aggregate debt of approximately ₹32,000 crore addressed represents nearly 57% of the overall targeted recovery value of approximately ₹56,300 crore and nearly 32% of the overall debt of over ₹99,000 crore (as of October 2018),” it said.

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Printable version | Feb 25, 2021 10:18:26 AM |

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