InvestorQ : What is the status of resolution of the bad assets of IL&FS at this point of time?
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What is the status of resolution of the bad assets of IL&FS at this point of time?

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4 weeks ago
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IL&FS, which has been trying to resolve its asset/liability mismatch since 2018 now hopes to resolve about 60% of its overall outstanding dues of around Rs.100,000 crore by the end of fiscal year FY22. According to the chairman of the reconstituted board, Uday Kotak, debt worth Rs.43,000 crore had already been resolved even as the number of subsidiaries of the company has been reduced from 347 to 186 . It expects to clear another Rs.18,000 crore.

As per the schedule laid out, IL&FS will resolve liabilities worth Rs.50,000 crore by the end of Sep-21 and Rs.61,000 crore by the end of Mar-22. IL&FS had gotten into a huge asset liability mismatch in mid-2018 after it could not refinance its short term debt to fund its long term assets. It created a huge asset / liability mismatch pushing IL&FS and its lending banks to the brink. This is Rs.5,000 crore more than the original estimates.

Out of Rs.43,000 crore settled, nearly Rs.26,800 crore was through asset monetization while Rs.14,350 crore from NCLAT. In addition, it also got Rs.1926 crore from the Supreme Court verdict passed in favour of Rapid Metro Gurgaon.

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