The IL&FS Group has so far paid back Rs 29,000 crore to the secured creditors, with the latest being an interim pay-out of Rs 920 crore for the Chenani Nashri Tunnelway, a subsidiary of IL&FS Transportation Network. Chenani Nashri Tunnelway (CNTL) had a secured debt of around Rs 5,500 crore and the interim payout takes the total to Rs 6,019 crore in fiscal 2023.
The interim distribution has been made ahead of the proposed debt restructuring of CNTL and will be followed by the contemplated transfer of the company to the Invit, subject to the outcome of pending legal proceedings and requisite approvals, the company said in an exchange filing over the weekend.
The secured creditors of CNTL who have got the interim distribution include State Bank of India, Canara Bank, Union Bank of India, UCO Bank, Punjab National Bank, J&K Bank, Indian Bank, Indian Overseas Bank, Punjab & Sindh Bank and the asset reconstruction company Acre, the company said.
As of September 2022, the group had paid out Rs 27,000 crore.
IL&FS has already completed interim payout of Rs 623.3 crore for Rapid Metro Gurgaon Ltd (RMGL); Rs 1,273 crore for Rapid Metrorail Gurgaon South Ltd (RMGSL); and Rs 3,200 crore in IL&FS Financial Services (IFIN) for eligible financial creditors.
In addition, the IL&FS Group has distributed Rs 919 crore to the creditors of the Khed Sinnar Expressway as full and final distribution towards their dues after approvals.
The major lenders who received the final payout include IDBI Bank, IFCI, IIFCL and JC Flower Asset Reconstruction.
While IL&FS has already initiated a process for cash payout across select companies through interim payout, the distribution of Invit units will be undertaken by way of an initial share-sale.
The resolution scheme cleared by the Uday Kotak-led special board had identified close Rs 61,000 crore of the close to Rs 95,000 crore the crippled group had owed to lenders when it went belly up in September 2018.
Recently the company had informed the National Company Law Appellate Tribunal that of the Rs 61,000 crore that was identified to be recovered/resolved, it had already resolved the debt of Rs 56,943 crore up to September 2022.
The company had also reduced the number of subsidiaries to 101 from over 350 when the crisis began.
