NEW DELHI: Crisis-hit IL&FS Group expects to address debt of about Rs 57,240 crore out of the total debt of over Rs 99,000 crore. The revised estimate is well above the 50 per cent mark of the overall debt.
The aggregate value of debt being addressed is now estimated as over Rs 57,000 crore, with around Rs 50,500 crore likely to be addressed by March 2021, said an IL&FS statement.
"The revised value accounts for over 57 per cent of total debt and is significantly higher than the average realization, till date, for financial creditors under the IBC process," it said.
The rest of the unaddressed or unresolved amount would be taken as a haircut.
The restructured IL&FS Board — Uday Kotak as Non-Executive Chairman, Vineet Nayyar as Vice Chairman, C.S. Rajan as MD and Bijay Kumar as Deputy MD, along with other officials, highlighted the key initiatives taken, progress made till June 30, 2020, and revised timelines to complete the resolution process for the IL&FS Group, at a media briefing on Monday.
IL&FS has, till June 30, 2020, addressed debt of Rs 17,640 crore from a combination of completed asset sales, debt repayment to green entities, debt discharged in Non-Green entities and available cash balance across the group.
The addressed debt of Rs 17,640 includes cash balance of Rs 8,630 crore, sale concluded for 11 entities with debt of over Rs 4,800 crore and additional equity consideration of Rs 625 crore received and the recovered amount of Rs 1,360 crore from loans and investments to non-IL&FS Group entities. It also includes Rs 2,600 crore of principal repaid. (IANS)
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