Mumbai, Mar 29 (IANS): Debt-ridden IL&FS Group on Tuesday said that it has addressed debt of Rs 55,000 crore till date and the resolution of remaining Rs 6,000 crore debt will move into FY23.
According to IL&FS, the current addressed debt is higher than Rs 52,200 crore as of November 2021.
"The group retained its overall resolution estimate at Rs 61,000 crore, representing 62 per cent of overall - fund based and non-fund based - debt of over Rs 99,000 crore as of October 2018.
"The debt addressed till date (Rs 55,000 crore) represents over 90 per cent of the overall estimated resolution value."
The group said that resolution of remaining Rs 6,000 crore debt will move into FY23.
Consequently, out of the 347 entities under IL&FS Group as of October 2018, a total of 246 entities stand resolved leaving only 101 entities to be resolved in the next financial year.
"An application has been filed with Hon'ble NCLAT for undertaking interim distribution of Rs 16,000 crore of cash and InvIT units available across the Group.
"Over 75 per cent of this would be distributed to creditors of three large holding companies - IL&FS, IFIN and ITNL - which have a large base of public fund creditors."
Furthermore, the incremental resolution of over Rs 2,700 crore since November 2021 comprises of Rs 1,080 crore from sale of IL&FS Headquarters (TIFC) in BKC Mumbai, Rs 900 crore under Khed Sinnar claim settlement with the NHAI, Rs 230 crore from settlement of IFIN's non-performing loan accounts, and Rs 520 crore from other recoveries.
Additionally, the Group said it continues to service debt of Rs 1,000 crore across companies.
"ITNL completed transfer of two road assets to Roadstar Infra Investment Trust at a cumulative enterprise valuation of Rs 4,200 crore. Transfer of remaining SPVs to the InvIT is being undertaken in multiple phases."
The group also announced that C.S. Rajan, Managing Director, IL&FS has been appointed as Chairman and Managing Director of IL&FS for a period of six months with effect from April 3 by the Union Ministry of Corporate Affairs.
Rajan succeeds Uday Kotak, whose term as the Chairman ends on April 2.