IL&FS Group to settle debt of Rs 55,000 crore by March 2022. The board of directors of the troubled company has said this in an affidavit filed with the National Company Law Appellate Tribunal (NCLAT).
Giving details of the resolution process, the board of directors of Uday Kotak-led IL&FS said that the debt of Rs 55,000 crore will be resolved through asset monetization, restructuring and insolvency process initiatives.
The Board of Directors said that some of the resolutions have been completed and some are in various stages of settlement.
The total outstanding debt on IL&FS as on October 8, 2018 was Rs 99,355 crore. Out of this, loan of Rs 45,500 crore will be settled through the resolution process by March 2022.
The company has said that out of this, debt of Rs 20,500 crore has already been resolved through monetization. While Rs 4,000 crore loan will be repaid and Rs 21,350 crore loan will be settled through the cash available with various companies and InvIT entities.
Further, the board of directors of the company expects that the debt of Rs 5,300 crore will be settled through transactions approved by the respective courts/ tribunals.