IL&FS Group: 11 amber firms in advanced stages of resolution, says government
All but two among 13 ‘amber’ companies, with a cumulative debt of Rs 16,372 crore, in the IL&FS group are in advanced stages of resolution, the government informed the National Company Law Appellate Tribunal (NCLAT) on Thursday. Term sheets have been signed with the lenders of three ‘amber’ companies — Jharkhand Road Project Implementation, West Gujarat Expressway and Moradabad-Bareily Expressway — which have now been converted into ‘green’ companies or those able to meet all their payment obligations. ‘Amber’ companies are those that are able to partially pay off their loans.
The NCLAT had on August 8 asked the government to submit status report for the amber companies. ITNL Road Infrastructure Development Company (IRIDCL) has also entered into settlement agreement with the concessioning authority. IRIDCL will receive Rs 144 crore, which on receipt will be used to settle the liabilities to creditors.
