New Delhi, Oct 3 (SocialNews.XYZ) IL&FS Group has discharged an aggregate debt of approximately Rs 35,650 crore by way of monetization of assets, auto debits by banks and debt repayment (including interim distribution) across entities as of September 30.
The Group has also completed an aggregate payment of approximately Rs 10,000 crore by way of interim distribution across 14 companies -- including two vertical holding companies (ITNL and IFIN) and the Group holding company (IL&FS Limited).
“We are happy to have achieved Rs 10,000 crore pay-out under the interim distribution framework that was proposed by the new board and approved by NCLAT last year. This allowed us to pay dues to eligible creditors -- including several public funds and debenture holders -- that are invested at the vertical holding companies and group holding company, on interim basis, without waiting for final resolution,” said Nand Kishore, Managing Director, IL&FS Group.
IL&FS initiated pay-outs to eligible creditors under the Interim Distribution framework in three companies -- IL&FS Limited, IFIN and ITNL -- totalling to over Rs 2,400 crore in September. This amount being paid to creditors is in addition to nearly Rs 7,600 crore already disbursed across 12 group companies under the approved interim distribution framework in the last one year.
Source: IANS
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