1 week Ago By The Hans India
New Delhi: The debt-ridden IL&FS group has discharged Rs45,281 crore to its creditors as of March 2025, completing the resolution of its 197 entities, according to the latest status report affidavit filed before the insolvency appellate tribunal NCLAT. This is 18.9 per cent higher than Rs38,082 crore, the amount of debt that stood resolved from the last status report filed by IL&FS six months before on October 28, 2024.
“As of March 21, 2025, a debt of Rs45,281 crore has been resolved, out of the debt resolution target of Rs61,000 crore, as a result of the resolution of 197 entities out of 302 entities having been concluded,” said IL&FS. Now, only 105 entities remain to be resolved, out of which moratorium protection is now only required to be continued for 57 entities. “Basis current estimates, the new board expects the overall recovery to be approximately Rs61,000 crore, which is 61 per cent of the overall debt as of October 2018,” said the latest IL&FS affidavit.
As per the recovery process, IL&FS’ new board has been engaged in the termination of the non-fund-based limits availed by its group entities. IL&FS group is releasing and cancelling bank guarantees or letters of credit issued by them. Besides, it is also paying cash through interim distribution to domestic entities.
Out of Rs45,281 crore, IL&FS has discharged Rs21,581 crore through monetisation, termination and transfer of assets to InviT and Rs9,026 from “auto debits, green entity principal servicing, NFB release”. The rest Rs14,674 crore was discharged through ‘interim distribution,’ which includes cash and InviT units. In November last year, NCLT had directed the IL&FS group to complete the resolution of the remaining 58 firms by March 31, 2025 and extended the moratorium until the date.
The NCLAT had extended the moratorium after observing that the process for the remaining 58 entities is at an advanced stage and “considerable progress has been made by IL&FS (Infrastructure Leasing and Financial Services), which is paring debts through asset resolution and other mechanisms..
