Infrastructure Leasing and Financial Services Group (IL&FS) has addressed Rs 32,000 crore of the group’s overall debt. The board is headed by banker Uday Kotak.
“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 said that Rs 10,300 crore of additional net recovery is filed with NCLT (Mumbai) and NCLAT, the approvals for which are awaited. The amount expected from resolution and restructuring applications includes Rs 7,550 crore for three road assets; and Rs 4,900 crore for the restructuring of ITPCL.
IL&FS board kept hold of its target of addressing a debt of over Rs 56,000 crore by 2021-22, of an overall debt of over Rs 99,000 crore (as of October 2018).
