Loan exposure worth Rs 12,000 crore of almost 55 green companies of crisis-hit IL&FS group is likely to be settled by July end, a senior government official said as he asserted that the resolution process is on track.
Besides, many of the green companies have positive equity which means that after settling debt obligations, shareholders would “get something in return for their equity stake”, Corporate Affairs Secretary Injeti Srinivas said.
The board of diversified IL&FS group, which is estimated to have a debt burden of over Rs 94,000 crore, was superseded by the corporate affairs ministry in October last year. Since then, the National Company Law Tribunal (NCLT)-appointed board is managing the affairs to ensure orderly settlement.
