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As part of the interim distribution, IL&FS Group will be paying a total of Rs 3,200 crore to IFIN eligible creditors, that is being distributed in accordance with the NCLAT approved Revised Distribution Framework. Of the total of Rs 3,200 crore, Rs 2,250 crore is being paid to a combination of 28 state-run, private and foreign banks. Another Rs 950 crore will be distributed to over 500 public debenture holders, public funds including EPFO, Army Group Insurance and others.
This is the first interim distribution that will be completed for a vertical holding company under the IL&FS Group.
IL&FS has already completed the Interim distribution pay-out of Rs 623.3 crore for Rapid Metro Gurgaon Limited (RMGL) and Rs 1,273 crore for Rapid Metrorail Gurgaon South Limited (RMGSL) for eligible financial creditors.
With the IFIN pay-out, the Group would have paid around Rs 5,100 crore on interim basis to eligible creditors across these three companies.
In May 2022, the NCLAT had approved the Interim Distribution application of the IL&FS Board comprising of cash pay-out and InvIT Units under select entities.
The new IL&FS Board has retained its overall resolution estimate at Rs 61,000 crore, representing 62% of overall – fund based and non-fund based – debt of over Rs 99,000 crore. On completion of IFIN interim distribution pay-out, the debt of Rs 27,000 crore will stand discharged by way of monetization of assets and debt repayment across IL&FS group.
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