“The group has also completed an aggregate payment of approximately Rs 10,000 crore by way of interim distribution across 14 companies, including two vertical holding companies (ITNL and IFIN) and the group holding company,” the group said in a statement.
On October 1, 2018, the government had stepped in to supersede the IL&FS board – led by Ravi Parthasarthy, which also had Maruti Suzuki chairman R C Bhargava and former LIC chief S B Mathur – and installed six directors, including banker Uday Kotak, Tech Mahindra’s Vineet Nayyar and retired civil servant G C Chaturvedi to navigate the group through choppy waters.
The board set about clearing a maze of companies and sold assets to clear debt. While the erstwhile directors of the failed entity did not face action, cases were initiated against some executives who were part of the top management at the holding company and subsidiaries such as IFIN and ITNL, but they have not been completed yet.
The statement said the board has initiated the first interim payout of Rs 810 crore for IL&FS, the holding company. Of this, Rs 180 crore will be paid to 19 domestic and international banks and around Rs 630 crore to over 1,100 public debenture holders, public funds and others.
The group has also initiated an interim payment of Rs 796 crore to eligible creditors in ITNL, with Rs 305 crore to be given to secured and unsecured creditors, Rs 315 crore to around 1,300 public debenture holders, public funds and others, and Rs 176 crore to group creditors. Further, the board has initiated the second tranche of interim payout of Rs 807 crore to eligible lenders of IFIN, of which Rs 574 crore will go to banks and financial institutions.
In the last one year, the group has completed an interim payout to external creditors of 12 companies, including Rs 623 crore in Rapid Metro Gurgaon, Rs 1,252 crore in Rapid Metrorail Gurgaon South, Rs 3,200 crore in IL&FS Financial Services, Rs 920 crore in Chenani Nashri Tunnelway, and Rs 253 crore in Inox Wind Energy.