IL&FS Group Initiates Rs 5,000-Cr Interim Payout To Creditors

New Delhi: The IL&FS Group on Monday said the company has initiated Rs5,000 crore interim payout to eligible creditors as part of its ongoing resolution mandate. Post this payout, the company said that the aggregate debt discharged will stand at approximately Rs43,000 crore, which is over 70 per cent of the estimated total debt resolution target pegged at Rs61,000 crore.

“IL&FS Group companies have initiated an interim distribution of Rs5,000 crore – Rs3,500 crore of Infrastructure Investment Trust (InvIT) units and Rs1,500 crore in cash to eligible creditors as part of the Group’s ongoing resolution efforts,” the statement said.

The interim distribution is largely being initiated by three holding companies -- IL&FS, IL&FS IFIN, and IL&FS ITNL.