IL&FS arm receives lenders’ nod to restructure debt, gets Rs 1200 crore from TN discom

ITPCL, the power arm of Infrastructure Leasing and Financial Services (IL&FS) in Cuddalore, Tamil Nadu, has received the lenders’ approval to restructure its debt of Rs 5,500 crore and is awaiting the NCLAT’s go-ahead. The leasing firm will later put the power subsidiary up for sale.

Nand Kishore, the whole time director on the board of IL&FS, said in a quarterly update on the resolution process that they have received the RBI and creditors’ approval to restructure the ITPCL loan, and have now approached the NCLAT for approval. “Following the restructuring, ITPCL will start to service the debt and will be put on block for sale thereafter,” Kishore said.