Mumbai, Jan 22: Debt-laden Infrastructure Leasing and Financial Services group's (IL&FS) board on Friday said it has addressed Rs 32,000 crore of the group's overall debt so far.
The board, led by veteran banker Uday Kotak, retained its target of addressing a debt of over Rs 56,000 crore by 2021-22, of an overall debt of over Rs 99,000 crore (as of October 2018).
"The aggregate debt of Rs 32,000 addressed comprises about Rs 21,600 crore of debt addressed basis cash balances," the group said in a release.
It added that nearly Rs 10,300 crore of additional net recovery is expected from resolution and restructuring applications filed with NCLT (Mumbai) and NCLAT, the approvals for which are awaited.
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The debt addressed basis cash balances increased by about Rs 2,500 crore since September 30, 2020, due to the receipt of settlement amount by IL&FS Solar Power (ISPL) for around Rs 780 crore. It was also on account of receipt of the tariff payments from the discom by IL&FS Tamil Nadu Power (ITPCL) for nearly Rs 1,190 crore; and Rs 300 crore recoveries in IL&FS Financial Services (IFIN) from borrowers outside the IL&FS group.
The resolution and restructuring applications that have been filed with NCLT (Mumbai) and NCLAT, for final approvals, include – Rs 7,550 crore for 3 road assets; and Rs 4,900 crore for restructuring of ITPCL.
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They also include Rs 1,370 crore towards settlement amounts to be received by Kiratpur Ner Chowk Expressway and Fagne Songarh Expressway Ltd pursuant to termination of the relevant concession agreements; and Rs 200 crore for environment and real estate entities, the group said.
The debt of Rs 32,000 crore addressed represents nearly 57 per cent of the overall targeted recovery value of around Rs 56,300 crore and nearly 32 per cent of the overall debt of over Rs 99,000 crore, it said.
The statement said the group faced some delays in moving ahead on the resolution mainly on account of significant impact of COVID-19, which has added time and logistical complexities in the process, affected valuations for certain assets, delayed receipt of approvals from key stakeholders.
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