As part of its ongoing resolution process, IL&FS signed binding term-sheets with secured lenders of three entities — Moradabad Bareilly Expressway, Jharkhand Road Projects and West Gujarat Expressway. These three entities have a cumulative debt of around Rs 5,000 crore towards Bank of Baroda and L&T Infrastructure Finance Company, among others.
Last week, senior advocate Ramji Srinivas, appearing on behalf of IL&FS, informed the National Company Law Appellate Tribunal that repayment to lenders will commence shortly. FE had earlier reported that the IL&FS board was in talks with lenders to restructure the debt of five entities, including the ones mentioned above.
