The new board of Infrastructure Leasing and Financial Services (IL&FS) has resolved more than Rs 19,000 crore debt at the end of September 2020, against its target of Rs 26,440 crore. The shortfall of Rs 7,300 crore in target for debt addressed by September 2020 has been rolled over for achievement in subsequent quarters.
“The delay has been mainly caused on account of the significant impact of Covid-19, which has added time and logistical complexities in the process of completing discussions with stakeholders and in obtaining approvals from lenders, regulators and judicial authorities”, the new board said.
In the July – September quarter, the board managed to resolve debt to the tune of Rs 1,460 crore by sale of the education business, recovery from non-IL&FS group entities, increase in cash balances and debt repayment in Green entities
