Creditors to IL&FS Financial Services (IFIN) will get an interim payout of Rs 3,200 crore under the NCLAT-approved revised distribution framework. This makes it the largest cash payout to creditors, including 28 lenders and debenture holders, since the government superseded its board in October 2018.
The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said.
After the financial violations came to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018. The group had a debt of more than Rs 95,000 crore among nearly 347 group entities when the crisis came to light in October 2018.
