MUMBAI: IL&FS has said in its progress update that Rs 32,000 crore of debt has been resolved so far. The group has a total debt of Rs 99,355 crore, of which the board had said that over Rs 56,000 crore would be recovered. Given that most lenders have written off their debt to the troubled group on their books, the resolution will be recorded by them as profit.
According to a research report in 2019, 40% of the group’s debt is with public sector banks and its borrowings accounted for 0.6% of all bank loans in the country.
Of the total debt resolved, Rs 21,600 crore has been addressed based on cash balances or through sale of businesses. “The incremental recovery value of entities whose resolutions have been filed with the National Company Law Tribunal (NCLT) and appellate tribunal (NCLAT) is around Rs 10,300 crore,” IL&FS said in a filing. Of the debt resolved on cash balances, Rs 750 crore was
the settlement amount received for IL&FS Solar Power, and Rs 1,000 crore was received by IL&FS Tamil Nadu Power from the state electricity distribution company.
Another Rs 300 crore was recovered by IL&FS Financial Services from loans given to entities outside the IL&FS Group.
The ones pending at the tribunal for final approval are Rs 7,550 crore of road projects, Rs 4,900 crore through debt restructuring of IL&FS Tamil Nadu Power, and Rs 1,370 crore to be received for termination of concession for road projects. IL&FS has got approval from creditors for selling Terracis Technologies, which represents a recovery value of nearly Rs 1,200 crore to the highest bidder. The group has also signed deals to sell its environment business for Rs 150 crore and two real estate properties for Rs 20 crore.