Mumbai: Uday Box, Chairperson of the Council of IL & FS appointed by the government, has said that more than RS 52,200 Crore Debt outstosed groups have been completed, which includes Rs 14,100 Crore Creditors’ obligations that have been used up.
In addition, the group entity held RS 16,700 crore in cash and the sales plan and resolution of the other RS 21,000 was awaiting final approval.
“Effectively, lenders have received 60% recovery from something that is a basket case,” said the box.
“We previously recalled an estimate that the total resolution would be around Rs 61,000 Crore (from the total debt around Rs 99,000 Crore).
We believe in March we must be around RS 57,000 Crore,” said the box.
While almost 93% of the resolution that is expected to be achieved at the end of the financial year, policy makers need to make calls on how to deal with the remaining 97 of 347 companies in the group.
This includes entities that have partnered with the state government.
“The public interest council has done hard work, after conducting 93% of the resolution.
Now for policy makers to make calls,” said the box on the briefing to provide updates to IL & FS.
The box says that there will be four choices.
The first is to put more hard work and survive to get the best recovery, another option includes placing an administrator to manage the remaining assets, liquidation or sales of the company’s fire.
IL & FS have completed more than RS 52.200CC Debt: box
