Infrastructure Leasing and Financial Services (IL&FS) on Tuesday said that the group has resolved ₹52,200 crore of the debt by October end and will address the remaining ₹4800 crore through the course of the year to achieve the repayment target of ₹61,000 crore by fiscal end, chairman Uday Kotak said.

The company is currently sitting on a cash balance of ₹16,700 crore as of end-October, when it completed the third year of its bankruptcy. The company has repaid ₹14,100 crore of debt this fiscal so far.  

The resolution of ₹52,200 crore represents 86% of the overall estimated resolution value of ₹61,000 crore and 53% of the total debt, which stands at ₹99,000 crore.  

 “There are currently ₹21,000 crore of debt in NCLT. The court has already approved 13,2000 crore of ₹21,000 cr. We will now start the process of documentation. ₹8000 cr of debt in still pending in NCLT. Therefore we believe we are on track to reach ₹57,000 core by March,“said the management.

Of the 347 entities under IL&FS Group as of October 2018, a total of 235 entities stand resolved till date, including resolution applications filed with courts, and applications for additional 15 entities are expected to be filed with courts by March 2022, he said.  

The group estimates resolution of the remaining nearly ₹4,000 crore debt across 97 entities to move into the next fiscal.

Since July 2021, the Group has resolved additional debt of ₹8,500 crore from monetisation initiatives including: InvIT Phase 1, Terracis Technology (erstwhile IL&FS Technologies), ONGC Tripura Gas based power project, Warora Chandrapur Road project and IL&FS Prime Terminals Fujaira

Additionally, it has also submitted an application with the NCLT seeking approval for transfer of five road projects, with a resolution value of around ₹4,000 crore, under phase 2 of the InvIT monetisation and has launched sale process of IFIN’s external bad loan portfolio of around ₹4,300 crore under the Swiss challenge method.

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