President Box As of October 2018, a total of 235 entities out of 347 entities under the IL&FS group have been resolved, including resolution applications filed in courts, and applications for an additional 15 entities have been filed in courts till March 2022. expected to go.
“We have thus managed 60% of health benefit Above IBC average 38% recovery for group companies. it is more than average resolution Seen in India,” Kotak said.
The group estimates that the remaining debt of about Rs 4,000 crore across 97 entities will be resolved and thus achieved in total, to be achieved beyond March 2022. debt resolution 61,000 crore is estimated.
Overall, Rs 52,200 crore of debt or 52% of the total debt has been addressed so far, which includes Rs 14,100 crore of debt in which loans were repaid or sold to companies. The group now has a cash balance of Rs 16,700 crore.
“We will decide whether to distribute the cash balance in full or partly, depending on whether the courts allow it,” Kotak said. IL&FS has the remaining Rs 8,200 crore from applications filed in courts that are pending for approval.
Since the last update in July 2021, the group has addressed an additional loan of Rs 8,500 crore from monetization initiatives: InvIT Phase 1; Terrasis Technology (erstwhile IL&FS Technologies); ONGC Tripura Gas Based Power Project; Warora Chandrapur Road Project and IL&FS Prime Terminal Fujairah, Kotak said.
IL&FS has also submitted an application NCLT Seeks approval for transfer of 5 road projects with an estimated resolution value of Rs 4,000 crore under Phase 2 of InvIT and has initiated the process of sale of external non-performing loan portfolio of approximately Rs 4,300 crore of IFIN under Swiss Challenge . The selection and finalization of H1 bidder is also underway in the sale process of the company headquarters in Mumbai.