Infrastructure Leasing and Financial Services has addressed the overall debt of Rs 32,000 crore on the group, said the government constituted board on Friday. The board also said that the group has estimated that it would address total debt of over Rs 56,000 crore by FY22, out 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.
“IL&FS has faced delays in its recovery timeline due to the impact of COVID-19. The pandemic has added time and logistical complexities in the process, affected valuations for certain assets, delayed receipt of approvals from key stakeholders,” IL&FS said.
Additional recovery of nearly Rs 10,300 crore is expected from resolution and restructuring applications filed with NCLT (Mumbai) and NCLAT and are waiting for the approval.
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 the restructuring of ITPCL and Rs 1,370 crore towards settlement amounts to be received for two other roads and highway assets.
The group is expected to soon start the process of setting up a sponsor company for the Infrastructure Investment Trust (InvIT) under its subsidiary IL&FS Transportation Networks Limited (ITNL).