The National Highways Authority of India (NHAI) has settled a road project with Infrastructure Leasing & Financial Services (IL&FS) at Rs 672 crore, one of the first as the debt-laden group moves to resolve stuck projects through conciliation. "The first of the IL&FS settlements has been finalised," a government official told ET. "This (the Kiratpur Nerchowk Expressway) is a significant one. There are three to four more small projects that will be resolved soon," said the official, asking not to be identified

IL&FS will seek directions from the NCLAT for removal of Power Finance Corporation (PFC) as one of the top five creditors, due to the transfer of wind power assets. The five largest creditors of the IL&FS Group were impleaded as respondent parties in the appeals, including, State Bank of India, Bank of India, Bank of Baroda, IndusInd Bank Limited and Power Finance Corporation Limited.

The board of Infrastructure Leasing and Financial Services (IL&FS) has submitted a fresh affidavit to the National Company Law Appellate Tribunal (NCLAT), asking the tribunal to direct all financial creditors of the relevant IL&FS group entities, including group lenders, to be part of the committee of creditors

Offering relief to operational and unsecured creditors as well as provident funds, IL&FS Board has decided to revise the distribution framework for Group Resolution.

IL&FS has filed revised resolution and distribution framework with NCLAT

The new board of Infrastructure Leasing and Financial Services (lL&FS) expects to recover close to 50 per cent of the firm's overall debt, which stands at above Rs 94,000 crore. It also expects to complete the resolution process by July 2020 by paring a significant portion of the debt. The board, led by Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank, has taken a series of steps including "resolution, restructuring, and recovery" to pare debt in the absence of any requisite legal framework for group-level resolution under the Insolvency and Bankruptcy Code (IBC)

The IL&FS Group is looking to sell its stakes in Gujarat International Finance Tec-City (Gift City) and some Chinese road assets that would help it resolve Rs 2,800 crore of debt. The infrastructure group's government- appointed chairman, Uday Kotak, also informed shareholder on Tuesday that measures taken up by the new board would result in resolving half its total outstanding debt as on September 30, 2018.

The Board of IL&FS expects to recover over 50% pf its outstanding debt of Rs 90,000 crore on the back of several initiatives taken towards resolving a significant portion of debt by July 2020

Shares of CRISIL, Care Ratings and ICRA have climbed lately after closure of the adjudication proceedings against these rating agencies in the IL&FS case. These 'undervalued' stocks are poised to gain further, with the regulatory push for an active corporate bond market seen benefiting the industry that assesses credit· worthiness. Shares of Care Ratings rallied 39% in the last five trading sessions, while CRISIL shares gained 5% in this period. ICRA gained about 9%.

IL&FS Financial Services reported a staggering loss of Rs 13,272 crore in FY19 compared to a net profit of Rs 9.5 crore in the preceding financial year, revealed the IFIN annual report for FY19