IL&FS Financial Services got back Rs 1,380 crore of dues by end-November
IL&FS Financial Services (IFIN), the non-banking financial arm of the beleaguered Infrastructure Leasing and Financial Services (IL&FS), says it recovered Rs 1,380 crore till end-November 2019, from around 30 third-party borrowers and group entities.
IFIN has been classified a ‘red’ entity by the IL&FS board of directors. This means it cannot service debt obligations even towards senior secured financial creditors.
One of the key holding companies in the IL&FS group, it provided loans to various third-party borrowers and many entities of the group. As of end-March 2019, IFIN’s loan book was Rs 12,945 crore; of these, 96 per cent were non-performing. According to the latest report presented by the IL&FS board to the National Company Law Appellate Tribunal, gross non-performing assets (NPAs) were around 97 per cent of the loan exposure (at end-November).
