New Delhi: In what will happen as a relief for pension funds and providers, including army personnel and other creditors, the IL & FS Group has an invit unit from almost RS 20,000 Crore.
The council, led by Banker Uday Box, has held a discussion with the Ministry of Corporate Affairs (MCA) and suggests that the government approaches the national tribunal law (NCL) to transfer money lying with various entities after cleaning up several entities after cleaning up payments at the entity level, and dealing with Debt is more than Rs 8,500 Crore, while selling several companies and their assets.
“The new IL & FS board has proposed an interim distribution of the results of the resolution to the MCA and has submitted this framework with NCLlat for approval.
After being approved, this will allow more distribution of RS 20,000 cash crore and invitation units, without Wai-Ting for final settlement From individual entities, “said Spokesperson IL & FS in response to the Toi questionnaire.
Until the end of December, 191 IL & FS group entities were completed, with the amount expected nearly 250 at the end of March.
According to the data distributed to the government, until mid-December, RS 16,742 Crore was available with various group entities from asset sales.
Again, at the end of the current financial year, this number is projected to rise by RS 21,300 Crore, which will be available as a cash and invitation unit.
As of December, around RS 7,000 Crore received by creditors directly from the sale of assets and RS 8,650 Crore loans have been taken over by buyers.
The remaining funds are lying with parents of entities, which have been sold or whose assets have been discarded.
When the IL & FS group was taken over by the government and the new management was enacted, the group had an obligation of almost Rs 1 Lakh Crore.
In March, IL & FS boards expect RS 55,000 Debt Crore to be resolved with an overall estimate of Rs 61,000 Crore, said the source.