Infrastructure Leasing & Financial Services on Friday said the government-constituted board and management has addressed aggregate debt of about Rs 32,000 crore of the bankrupt infrastructure finance group even as the impact of Covid-19 has delayed its targeted recoveries. The group has estimated that it would address total debt of over Rs 56,000 crore out of overall debt of over Rs 99,000 crore by 2021-22.
The board of Infrastructure Leasing & Financial Services (IL&FS) on Friday said it had addressed nearly Rs 32,000 crore of the group's aggregate debt pile of nearly Rs 1 trillion by the end of the December quarter (Q3) of FY21. The board has also received the necessary approvals for its infrastructure investment trust (InvIT), which targets to resolve approximately Rs 13,000 crore of debt, and plans to launch it soon. It has got the Securities and Exchange Board of India (Sebi) registration certificate, approval from the committee of creditors of IL&FS Transportation Networks (ITNL) for transfer of phase-I assets, and green channel notification for Competition Commission of India (CCI) approval for the InvIT.
Infrastructure Leasing and Financial Services Ltd (IL&FS) will launch its infrastructure investment trust (InvIT) soon, converting the outstanding debt owed to banks in 10 road projects into units of the trust. The InvIT has received all necessary approvals for its launch, a press release from the company said. IL&FS has obtained the registration certificate from the Securities and Exchange Board of India and approvals from the committee of creditors of IL&FS Transportation Networks Ltd for the transfer of phase-1 assets and has completed the green channel notification for approval process for the InvIT from the Competition Commission of India. The InvIT will resolve nearly Rs 13,000 crore of outstanding debt.
The new board of IL&FS has addressed stressed debt worth Rs 32,000 crore as of December quarter, and retained the aggregate recoverable debt at over Rs 56,000 crore by FY22. The group maintains its estimates of addressing out of an overall debt of over Rs 99,000 crore (as of October 2018).
The Management and the New Board of IL&FS Limited, as part of its quarterly update on the progress of ongoing Group resolution process, shared that it has as of date, addressed approx. Rs 32,000 crore of aggregate debt of the Group. The Group maintains its estimates of addressing aggregate debt of over Rs 56,000 crore by FY22, out of an overall debt of over Rs 99,000 crore (as of October 2018).
Against total IL&FS group debt of INR 99,355 Cr as on October 8, 2018, the new board had estimated an overall targeted recovery of INR 56,300 Cr in Oct 2020
IL&FS Solar Power Limited (ISPL) has paid its entire debt amounting to nearly Rs 845 crore to its creditors - including financial and operational debt, thereby helping the IL&FS Group move ahead with the resolution process. This follows pre-payment by Embassy Energy Private Limited (EEPL) for the financial assistance provided by ISPL. The repayments by IL&FS Solar also cover tax and statutory dues, without any preference to any creditor or class of creditors, IL&FS group said in a statement.
IL&FS Solar Power Ltd. (ISPL) said the company had repaid its entire debt amounting to almost Rs 845 crore across all its creditors. ISPL had undertaken construction and financing of a 100-MW AC solar power project for Embassy Energy Private Ltd. (EEPL) for which it had raised secured and unsecured loans.
IL&FS Solar Power Limited (ISPL), an IL&FS Group company, has paid its entire debt amounting to nearly Rs. 845 crore across all its creditors - including financial and operational debt, tax and statutory dues, without any preference to any creditor or class of creditors. ISPL had undertaken construction and financing of a 100 MW AC solar power project in Bellary district, Karnataka, for Embassy Energy Private Limited (EEPL) that was commissioned in February 2018.
The Enforcement Directorate (ED) has provisionally attached shares worth Rs 452 crore, or 8.86 per cent stake, in IL&FS Tamil Nadu Power Company Ltd (ITPCL), allegedly held by a shell company based in Singapore, AS Coal Pte, in connection with its ongoing probe into the Infrastructure Leasing & Financial Services (IL&FS) collapse. Owned by Jaimin Vyas, a British national, AS Coal Pte is accused of defrauding IL&FS and Indian banks allegedly in connivance with the officials of IL&FS and a Chinese EPC contractor SEPCO III.