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The IL&FS Board approved this interim allotment in its Board meeting held on November 2, 2022. This is IL&FS’s first payout under the interim distribution framework where it is proposed to disburse a total of Rs 16,361 crore to selected group companies.
Infrastructure Leasing and Financial Services (IL&FS) has started paying interim distribution to Rapid Metro Gurgaon Rail Ltd (RMGL), an IL&FS group company, from Monday.
The Group has completed disbursement of Rs 623.38 crore on interim basis to RMGL’s secured creditors/secured financial creditors including Union Bank of India, Bank of India, Indian Bank, Punjab & Sind Bank, UCO Bank, Bank of Baroda. Punjab National Bank and Indian Overseas Bank, the company said in a statement.
The total demand of these creditors was Rs 715 crore.
This disbursement on an interim basis, thus, translates into recovery of about 83 per cent of these borrowers. Disbursement of additional amount to unsecured financial creditors and unsecured creditors is under process, the company said.
The proposed distribution of Rs 16,361 crore comprising Rs 11,296 crore in cash and Rs 5,065 crore in invite units is being made as per the interim distribution framework approved by NCLAT in June this year, the company added.
“The board has announced that a substantial portion of the overall resolution (Rs 55,000 crore) (of Rs 61,000 crore) will be completed within this year (subject to approvals),” it said.
However, the final resolution of the remaining IL&FS group entities (resolution value Rs 6,000 crore) may take a significant amount of time due to the complexities involved in the process.
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