Kotak on IL&FS debt: Rs 52.2K cr resolved, will tackle Rs 4,800 cr extra by March-end

Of the focused Rs 61,000 crore debt decision by the fiscal-end, IL&FS has resolved Rs 52,200 crore by October-end and can tackle one other Rs 4,800 crore extra by March-end 2022, the administration stated on Tuesday. The firm is sitting on a money steadiness of Rs 16,700 crore as of end-October and has repaid Rs 14,100 crore of debt this fiscal to date, IL&FS chairman Uday Kotak stated in a press briefing by way of a video-link.
The IL&FS decision reveals that “a fair amount of money can be recovered even from the most complex and challenging resolutions,” Kotak stated, including that the restoration is far greater than the common seen below the Insolvency and Bankruptcy Code. Most group resolutions, like within the case of IL&FS, have proven restoration fee of lower than 39 per cent below the Insolvency and Bankruptcy Code.
Public sector banks appear to have recovered greater cash compared with the non-public sector lenders and different debt traders. In case of IL&FS, public sector banks have turned out to be “much smarter” than others as bulk of their lending was to working SPV, he stated.