New Delhi (IANS) The Board of IL&FS Group expects to address debt of about Rs 57,240 crore by the end of the financial year 2021. The revised estimate is well above the 50 per cent mark of the overall debt of over Rs 99,000 crore.
The aggregate value of debt being addressed is now estimated at over Rs 57,000 crore, with around Rs 50,500 crore likely to be addressed by March 2021, said an IL&FS statement.
"The revised value accounts for over 57 per cent of overall debt and is significantly higher than the average realisation, till date, for financial creditors under the IBC process," the statement said.
The restructured IL&FS Board led by Uday Kotak as Non-Executive Chairman, Vineet Nayyar as Vice Chairman, C.S. Rajan as MD and Bijay Kumar as Deputy MD, highlighted the key initiatives taken and progress made till June 30, 2020, and revised timelines to complete the resolution process for the IL&FS Group, it said at a media briefing on Monday.
IL&FS has addressed debt of Rs 17,640 crore, till June 30, 2020, from a combination of completed asset sales, debt repayment to green entities, debt discharged in non-green entities and available cash balance across the group.
The New Board also shared a quarterly plan that estimates addressing additional debt of Rs 8,800 crore by Q2 of FY21, Rs 18,000 crore by Q3 FY21 and over Rs 6,000 crore by the end of Q4 FY21.
Efforts towards resolution of additional debt of Rs 6,600 crore are likely to continue beyond FY21, as the board expects the resolution of major holding companies to take a longer time.
The IL&FS Board developed a unique "group resolution framework" that received NCLAT approval on March 12, 2020.