The IL&FS Group has so far paid back Rs 29,000 crore to the secured creditors, with the latest being an interim pay-out of Rs 920 crore for the Chenani Nashri Tunnelway, a subsidiary of IL&FS Transportation Network.
Chenani Nashri Tunnelway (CNTL) had a secured debt of around Rs 5,500 crore and the interim payout takes the total to Rs 6,019 crore in fiscal 2023.
The interim distribution has been made ahead of the proposed debt restructuring of CNTL and will be followed by the contemplated transfer of the company to the Invit, subject to the outcome of pending legal proceedings and requisite approvals, the company said in an exchange filing over the weekend.
The secured creditors of CNTL who have got the interim distribution include State Bank of India, Canara Bank, Union Bank of India, UCO Bank, Punjab National Bank, J&K Bank, Indian Bank, Indian Overseas Bank, Punjab & Sindh Bank and the asset reconstruction company Acre, the company said.
As of September 2022, the group had paid out Rs 27,000 crore.
IL&FS has already completed interim payout of Rs 623.3 crore for Rapid Metro Gurgaon Ltd (RMGL); Rs 1,273 crore for Rapid Metrorail Gurgaon South Ltd (RMGSL); and Rs 3,200 crore in IL&FS Financial Services (IFIN) for eligible financial creditors.
