Medilytix Bureau:
IL&FS group would resolve debt of Rs 55,000 crore by March 2022, the board of the crisis-hit company has stated in its affidavit filed before the National Company Law Appellate Tribunal (NCLAT). While updating the progress of the resolution progress, the IL&FS board, led by Uday Kotak, said Rs 55,000 crore debt would be resolved through asset monetisation, restructuring and insolvency proceeding initiatives.
Some of this has already been completed while the rest is at different stages of resolution, it said in a brief snapshot on the progress made in the ongoing resolution process till December 7, 2021, and suggested estimates of progress to be made by March 2022.
The IL&FS had a total outstanding debt of Rs 99,355 crore as of October 8, 2018, of which Rs 45,500 crore debt is handled through debt resolution initiatives by March 2022.
Of this, debt of Rs 20,500 crore has already been resolved through monetisation, Rs 4,000 crore by way of debt discharged and Rs 21,350 crore in cash available across companies and Invit unit (Infrastructure Investment Trust) due to be issued.
In addition, the board also expects to resolve Rs 5,300 crore through various “transactions approved by the relevant court/tribunal and pending transaction closure” and Rs 4,200 crore from resolution applications filed with courts and pending approvals.