IL&FS Debt Reduction Reaches Rs 38,082 Crore

6 Nov 2024 , 12:47 PM

As of September 30, 2024, IL&FS Group has paid off Rs 38,082 crore in debt to its creditors, according to the most recent status report affidavit that the insolvent company submitted to the NCLAT, an insolvency appellate tribunal. “As on September 30, 2024, the total debt discharged to creditors of the Respondent No 1 (IL&FS) Group aggregates to Rs 38,082 crore,” the status report stated.

The new board of IL&FS has been working to terminate the non-fund-based limits that its group businesses have been using in accordance with the recovery process.

This comprises Rs 9,653 crore from interim distribution, Rs 20,289 crore from asset monetisation, and Rs 8,140 crore from auto-debits, green entity principal servicing, and NFB release.

Bank guarantees and letters of credit provided by the IL&FS group are being released and cancelled.

“These efforts (along with discharge of fund-based debt) have resulted in debt resolution of approximately Rs 8,140 crore,” stated the statement.

Additionally, in accordance with the National Company Law Appellate Tribunal’s (NCLAT) orders, it is making cash payments to domestic firms through interim distribution.

“Accordingly, as on September 30, 2024, the total debt discharged by way of interim distribution aggregated to Rs 11,045 crore, out of which Rs 9,653 crores has been discharged to external financial creditors,” it stated.

For feedback and suggestions, write to us at [e-mail]